The following is a summary of the Hovnanian Enterprises, Inc. (HOV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Hovnanian Enterprises reported an increase of 15% in total revenues to $594 million for Q1 2024.

• The company's gross margin remained steady year-over-year at 21.8%.

• EBITDA increased by 30% to $65 million, up significantly from the first quarter of the previous year.

• Pre-tax profit registered a surge of 80% to $33 million.

• Despite an impact of $7.5 million from incremental phantom stock expense, revenues were at the upper end of the guidance range.

• Anticipated revenue for Q2 2024 is projected between $675 million-$775 million.

Business Progress:

• Hovnanian ended the quarter with 135 communities open for sale and anticipates an increase throughout fiscal '24.

• The company reduced construction cycle times from 190 to 160 days and aims for about 120 days.

• Hovnanian has improved its debt situation with the latest reduction and refinancing, showing an effort to bolster the balance sheet.

• The firm projects to achieve significant growth and reduce debt, aided by its focus on inventory turn.

• Hovnanian has reported a trend of incrementally higher sales as people adjust expectations due to interest rates.

• Given the existing strength of demand, the company managed to raise net home prices in 37% of communities during Q1 2024.

More details: Hovnanian Enterprises IR

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