Dallas, Texas 12/18/2013 (Financialstrend) – Hovnanian Enterprises, Inc. (NYSE:HOV) is a small cap residential builder which has managed to aggregate a market cap of $801 million. Over the past few years the company has been making efforts to sustain its operations in the face of poor market dynamics in the housing sector of U.S which has been on a downward looking trend ever since the subprime crisis punctured the housing bubble in 2008.
Earlier last week, Hovnanian Enterprises, Inc. (NYSE:HOV) announced strong results from its fourth quarter operations and this buoyancy in its operations has triggered a much needed bull rally in the stock this week. Post its 4Q results announcements the company stock has managed to post a significant 6.6 percent increase there by reversing loss in market value which was observed over the past six months to one year.
Hovnanian Enterprises, Inc. (NYSE:HOV) also shared with the wider market their assessment that the housing sector in U.S is coming out of the long duration rescission and is showing signs of taking on more growth. To back its assessment, the firm announced that its earnings per share went up to a solid $0.21 there by reversing the losses the firm had faced to the tune of $0.59 per share in 4Q12. Its revenue went up by a significant 21 percent compared to same time last year.
Commenting about the solid performance in the last quarter of the year (September 12 to October 13 fiscal cycle) Hovnanian Enterprises, Inc. (NYSE:HOV) CEO Ara Hovnanian has been quoted as saying, “Although our sales slowed from July through September due to the adverse impacts of higher mortgage rates, the sequester and the government shutdown, we are happy to report that our sales improved back to prior-year levels in October and exceeded last year’s levels in November.”