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Hovnanian Reports Positive Cash Flow

RED BANK, NJ-Officials of the homebuilder have also revised full-year cash flow estimate to more than $300 million.

By Eric Peterson | Updated on May 06, 2008

RED BANK, NJ-It may be one small step for the troubled housing business, and Hovnanian Enterprises’ preliminary Q2 results remain decidedly mixed overall, but the company says that it has achieved positive cash flow a quarter earlier than predicted. Officials of the locally-based company have also revised their full-year cash flow guidance substantial upwards from the earlier $100 million to “greater than $300 million.

“As a result of management’s continued focus and progress in reducing inventory investment levels and generating cash flow, the company is increasing its projection for positive cash flow in fiscal 2008…,” says a statement issued by the company. “The company achieved positive cash flow in the second quarter, one quarter earlier than previously anticipated. Net debt was reduced by approximately $30 million in the second quarter.”

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