Hovnanian sees Q2 revenue $675M-$775M

The Company is providing guidance for total revenues, adjusted homebuilding gross margin, adjusted income before income taxes and adjusted EBITDA for the second quarter of fiscal 2025. Financial guidance below assumes no adverse changes in current market conditions, including deterioration in our supply chain or material increases in mortgage rates, inflation or cancellation rates, and excludes further impact to SG&A expenses from phantom stock expense related solely to stock price movements from the closing price of $132.39 on January 31, 2025. For the second quarter of fiscal 2025, total revenues are expected to be between $675 million and $775 million, adjusted homebuilding gross margin is expected to be between 17.5% and 18.5%, adjusted income before income taxes is expected to be between $20 million and $30 million and adjusted EBITDA is expected to be between $50 million and $60 million. Prior to the end of the second quarter of fiscal 2025, our intention is to redeem early the remaining $26.6 million of the 13.5% senior notes that are maturing in February of 2026.