Q3 2024 Hovnanian Enterprises Inc Earnings Call Transcript
Key Points
- Revenues for the third quarter were $723 million, meeting the midpoint of guidance.
- Adjusted EBITDA increased by 20% to $131 million.
- Adjusted pretax income rose by 34% to $100 million.
- Contracts increased by 23% over the last five weeks compared to the same period last year.
- The company ended the quarter with a total of 146 open for sale communities, a 20% increase from last year.
- Gross margin decreased year over year to 22.1%.
- SG&A ratio was slightly above the high end of guidance due to increased advertising spend and new hires.
- Contracts per community for the third quarter decreased year over year to 9.5.
- Extended disruption from Hurricane Beryl negatively impacted sales and deliveries in Texas.
- The company experienced delays in opening new communities, primarily due to utility hookups.
Good morning, and thank you for joining us today for Hovnanian Enterprises fiscal 2024 third quarter earnings conference call. An archive of the webcast will be available after the completion of the call and run for 12 months. This conference is being recorded for rebroadcast. (Operator Instructions)
Management will make some opening remarks about the third quarter results and then open the line for questions. The company will also be webcasting a slide presentation along with the opening comments from management. The slides are available on the Investors page of the company's website at www.khov.com. Those listeners who would like to follow along should now log onto the website. I would like to turn the call over to Jeff O'Keefe, Vice President, Investor Relations. Jeff, please go ahead.
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Thank you, Liz, and thank you all for participating in this morning's call to review the results for our third
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