$31M Q2 Loss for Hovnanian

RED BANK, NJ-Homebuilder Hovnanian Enterprises yesterday reported a loss of $30.7 million, or $0.49 per share, for Q2. The results marked the third consecutive quarterly loss for the company, which just a year ago reported a profit of $101 million, or $1.55 per share, for the same period.

The latest result came on the basis of quarterly revenues of $1.1 billion. That number itself was down nearly 30% from a year earlier, when the revenue total came in at $1.6 billion.

“We are frustrated that the housing market has continued to slip further in many locations, in terms of both sales pace and prices,” Ara Hovnanian, the company’s president and CEO told analysts during yesterday’s conference call. “The housing market weakened in the latter part of the quarter, and the slower conditions have continued into May.