Hovnanian Q1 Revenue at $632M, Down from Last Year

Reports Q1 revenue $632M vs. $673.6M last year. "Even with a challenging sales environment this quarter, related to cautious homebuyers and ongoing global uncertainties, I am satisfied to report that our team successfully met or exceeded all aspects of our guidance," said Ara Hovnanian, CEO. "Our strong operating model and disciplined approach allowed us to stay focused on sales pace and adapt quickly to changing conditions. Our operating model has helped us stay among the top two for Adjusted EBIT ROI when compared to nine other publicly traded midsized homebuilders. Achieving our guidance in this environment highlights the dedication and resilience of our associates. Although we are not satisfied with our projected profits for the second quarter, we anticipate our adjusted income before income taxes to increase in the second half of fiscal 2026, weighted towards the fourth quarter, compared to the first half of the year. Over the past six fiscal years, our profits have typically improved in the second half. We're optimistic because we've seen better contract activity in January and February, and we anticipate delivering more homes from newer, higher-margin communities in the latter part of the year, including a higher percentage of higher margined to-be-built homes. Looking ahead, the long-term outlook for the homebuilding industry remains compelling, supported by a structurally undersupplied market and strong demographic trends. We are disciplined in our approach to pricing, product positioning, and capital allocation, which helps us remain competitive throughout different market cycles. While near-term volatility may persist in the current uncertain housing market, our focus remains on delivering superior returns for our shareholders over the long term. We are confident that our strategy and operational excellence will enable us to capitalize on opportunities as the housing market evolves."