Read this version of the release, from the company direct and not partially reported. Look at where their "growth" is. Those are results of acquisitions. Talked to an analyst who covers HOV this morning. The organic growth is about 10% down yoy.
The homebuilders should meet earnings expectations for the next qtr or two, as the backlogs are closed. Unless the orders pick up soon, they may have to start guiding down.
On the other hand, if you happened to catch Margaret "the most bullish analyst in the world" Whelan of UBS on CNBC this morning, she said you better buy the homebuilders now before the busy spring season hits. Looks like the street listened to her today.
khov.com
HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)
(UNAUDITED)
Communities Under Development
Three Months - 1/31/06
Net Contracts (1)
Three Months Ended
January 31,
2006 2005 % Change
NorthEast Region (2)
Homes 608 522 16.5%
Dollars 224,401 189,605 18.4%
Avg. Price 369,081 363,228 1.6%
SouthEast Region (3)
Homes 1,367 849 61.0%
Dollars 501,401 284,882 76.0%
Avg. Price 366,790 335,550 9.3%
SouthWest Region
Homes 801 897 (10.7%)
Dollars 170,704 165,048 3.4%
Avg. Price 213,113 184,000 15.8%
West Region
Homes 574 906 (36.6%)
Dollars 257,151 354,124 (27.4%)
Avg. Price 447,998 390,865 14.6%
Consolidated Total
Homes 3,350 3,174 5.5%
Dollars 1,153,657 993,659 16.1%
Avg. Price 344,375 313,062 10.0%
Unconsolidated Joint Ventures (4)
Homes 274 66 315.2%
Dollars 108,572 41,347 162.6%
Avg. Price 396,250 626,470 (36.7%)
Total
Homes 3,624 3,240 11.9%
Dollars 1,262,229 1,035,006 22.0%
Avg. Price 348,297 319,446 9.0%
DELIVERIES INCLUDE EXTRAS
Communities Under Development
Three Months - 1/31/06
Contract Backlog
January 31,
2006 2005 % Change
NorthEast Region (2)
Homes 2,160 2,091 3.3%
Dollars 803,498 720,675 11.5%
Avg. Price 371,990 344,656 7.9%
SouthEast Region (3)
Homes 7,218 2,346 207.7%
Dollars 2,242,102 792,978 182.7%
Avg. Price 310,627 338,013 (8.1%)
SouthWest Region
Homes 1,225 1,106 10.8%
Dollars 276,116 197,285 40.0%
Avg. Price 225,401 178,377 26.4%
West Region
Homes 1,493 1,861 (19.8%)
Dollars 686,500 764,697 (10.2%)
Avg. Price 459,813 410,907 11.9%
Consolidated Total
Homes 12,096 7,404 63.4%
Dollars 4,008,216 2,475,635 61.9%
Avg. Price 331,367 334,365 (0.9%)
Unconsolidated Joint Ventures (4)
Homes 2,029 399 408.5%
Dollars 924,762 239,851 285.6%
Avg. Price 455,772 601,130 (24.2%)
Total
Homes 14,125 7,803 81.0%
Dollars 4,932,978 2,715,486 81.7%
Avg. Price 349,237 348,005 0.4%
DELIVERIES INCLUDE EXTRAS
Notes:
(1) Net contracts are defined as new contracts signed during the period
for the purchase of homes, less cancellations of prior contracts.
(2) The number and the dollar amount of net contracts in the Northeast in
the 2006 first quarter include the effect of the Oster Homes
acquisition, which closed in August 2005.
(3) The number and the dollar amount of net contracts in the Southeast in
the 2006 first quarter include the effects of the Cambridge Homes and
First Home Builders of Florida acquisitions, which closed in March
2005 and August 2005, respectively.
(4) The number and the dollar amount of net contracts in Unconsolidated
Joint Ventures in the 2006 first quarter include the effect of the
Town & Country Homes acquisition, which closed in March 2005. |
