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By Dean Seal
Shares of Hovnanian Enterprises jumped to a 52-week high after the company raised its annual earnings and revenue guidance.
The stock rose 11% to $111 in early trading. Shares have more than doubled year-to-date.
The homebuilder said Wednesday that in light of strength in its recent sales pace and margins, it now expects annual earnings of $21 to $24 a share, up from its previous guidance for $17 to $20 a share.
Revenue is now projected to be $2.6 billion to $2.7 billion, up from its prior forecast for $2.5 billion to $2.65 billion.
Write to Dean Seal at [email protected]
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