Residential builder Hovnanian narrowed its losses during the first fiscal quarter to $18.3 million, compared to a loss of $64.1 million during the same quarter a year ago. Revenue for the Red Bank, N.J.-based company grew by 6.7% during the quarter , which ended Jan. 31, to $269.6 million.
"The spring selling season is off to a good start," said company CEO Ara Hovnanian in a prepared statement. "We are hopeful that these positive trends continue."
Net contracts increased 27% to 1,079 homes from 850 homes last year.
The cancellation rate declined one point, from 22% to 21%. The contract backlog rose 28% to 1,730 homes with a value of $578.4 million..
Deliveries were reported at 1,012 homes, up 13% from 892 homes a year earlier.
Hovnanian, one of the nation’s largest homebuilders, has operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia.