Reuters: Hot Stocks: UPDATE 1-Hovnanian Enterprises reports Q2 profit

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UPDATE 1-Hovnanian Enterprises reports Q2 profit Jun 6th 2012, 13:54 Wed Jun 6, 2012 9:54am EDT June 6 (Reuters) - Home builder Hovnanian Enterprises Inc returned to a quarterly profit as a 25 percent increase in home deliveries boosted revenue, sending its shares up as much as 24 percent. The company said contract backlog at the end of the second quarter rose 49 percent to $762.8 million. For the quarter ended April 30, the company reported earnings of $1.8 million, or 2 cents per share, compared with a loss of $72.7 million, or 69 cents per share, a year ago. Revenue rose 34 percent to $341.7 million. Home deliveries rose to 1,207 in the quarter. Shares of the Red Bank, New Jersey-based company were up 20 percent at $2.04 in morning trade on the New York Stock Exchange.

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