Hovnanian Enterprises reports a 26 percent rise in profit

| 28 Sep 2011 | 03:06

    RED BANK — Hovnanian Enterprises Inc., the company behind the Eagle Ridge condominium proposal said last week its fiscal fourth-quarter profit rose 26 percent on strong sales growth Shares of the company fell $1.80, or 3.6 percent, to close at $48.73 in trading on the New York Stock Exchange. They fell 90 cents, or 1.85 percent, in after-hours trading. For fiscal 2006, Hovnanian expects earnings of $8.05 to $8.40 per share based on delivery of more than 22,000 homes, including more than 2,000 deliveries from unconsolidated joint ventures.