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BUILDING
Hovnanian beats, raises outlook
The home builder reported after hours it earned $1.25 per share, up from 87 cents a year ago and 5 cents over views. Revenue rose 37% to $1.06 bil. At Jan. 31, backlog stood at 7,803 homes, up from 6,554 at the same time a year ago. The sales value of contract backlog was $2.7 billion, an increase of 50%. Hovnanian Enterprises forecast Q2 earnings of $1.60 per share, 8 cents over views. Shares rose.
** Hovnanian bought builder Town & Country Homes, one day after announcing the purchase of another builder. It expects the deal to add 5 cents a share to '05 profit. Shares fell 1% to 55.47.
MDC drops after Q1 warning
The home builder fell 3% to 77.50 after it said its Q1 profit would be below the low end of views. Views had ranged from $1.80-$2.05 a share. MDC Holdings blamed weather-related delays in the West and Southwest. KB Homes, Pulte Homes and Centex each fell 1%.
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