Homely quarter for Hovnanian. Homebuilder Hovnanian (HOV) reported its sixth straight quarterly loss. EPS were -$2.07 on revenue of $1.09B (-6.2%); analysts expected -$1.96/share on revenue of $911M. HOV sees 2008 cash flow from operations in excess of $100M. Shares gained 1.3% in AH trading. Meanwhile Toll Brothers (TOL) says it could suffer "significant losses" if some of its JV partners (it won't say which) fail to honor their obligations. WSJ thinks one of the partners may be Kimball Hill Homes, which is in trouble. KB Home (KBH) and Beazer (BZH) are involved in the same JV. Homebuilders used JV deals during the housing boom to buy expensive land with leverage while keeping it off of their balance sheets.
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