Hovnanian Enterprises Q2 Net Profit Plunges

(RTTNews) - Homebuilder Hovnanian Enterprises Inc. (HOV) reported Tuesday that net income for the second quarter plunged to $17.06 million or $2.43 per share from $48.17 million or $6.66 per share in the prior-year quarter.

Total revenues for the quarter declined 3.1 percent to $686.47 million from $708.38 million in the same quarter last year.

Looking ahead to the third quarter, the company expects adjusted pretax income between $30 million and $40 million and adjusted EBITDA between $60 million and $70 million on total revenues between $750 million and $850 million.

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