Posts $46.2 million gain for fiscal Q4 but reports drops in contracts and backlog.
Hovnanian Enterprises, Inc. (NYSE: HOV), on Thursday reported net income of $46.2 million, or $0.30 per common share, in the fourth quarter of fiscal 2018 compared with net income of $11.8 million, or $0.08 per common share, during the same quarter a year ago. Analysts were expecting a gain of $0.19 per share.
Shares of HOV, trading as a penny stock, closed up more than 7% on the news.
For the year ended October 31, 2018, net income was $4.5 million, or $0.03 per common share, compared with a net loss of $332.2 million, or $2.25 per common share, including a $294.0 million non-cash increase in the valuation allowance for our deferred tax assets, in fiscal 2017. for its fiscal fourth quarter and year ended October 31, 2018.