Industry News

Builder Hovnanian takes $469 million net loss in Q4

Company reports $638 million net loss for full year

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Builder Hovnanian Enterprises reported a net loss of almost half a billion dollars for the three-month period ending Oct. 31. Hovnanian recorded a $469 million net loss for the fourth quarter of the 2007 fiscal year, or $7.42 per share. That compares with a net loss of $118 million, or $1.88 per share, in the fourth quarter of the 2006 fiscal year. Analysts had expected the company to post a quarterly loss of $1.49 per share in fourth-quarter 2007, according to a survey by Thomson Financial. Hovnanian's stock was trading at $7.24 per share as of 1:07 p.m. ET today, down $1.16 from Wednesday's closing price of $8.40. The stock price had sunk in November to its lowest level since 2001, falling to $6.75 per share on Nov. 27. The company reported a net loss of $638 million, or $10.11 per share, for the entire fiscal year in 2007, compared with net income of $139 million, or $2.14 per share, in fiscal-year 2006. Company officials reported that internal research and consultation w...