Harbor Custom Development, Inc. Provides Preliminary 2022 Guidance Update
2023年3月8日 - 10:30PM
Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ)
(“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative
real estate company involved in all aspects of the land development
cycle, today announced that based on its preliminary results, it
does not expect to meet its guidance targets for 2022 of full year
revenue and adjusted EBITDA of $61 to $65 million and $(7) million
to $(5) million loss, respectively. The primary drivers of
the miss were a cancellation of a sale of real estate in Punta
Gorda, Florida, which was previously under contract and expected to
close in the fourth quarter of 2022; cost overruns associated with
two fee build projects that are now in final stages of completion;
and an impairment charge that was recorded to one of the Company’s
multi-family properties. Harbor plans to provide full year
financial results by March 31, 2023.
About Harbor Custom Development,
Inc.Harbor Custom Development, Inc. is a real estate
development company involved in all aspects of the land development
cycle including land acquisition, entitlements, construction of
project infrastructure, home and apartment building, marketing, and
sales of various residential projects in Western Washington's Puget
Sound region; Sacramento, California; Austin, Texas and Punta
Gorda, Florida. As a land developer and builder of
apartments, and single-family luxury homes, Harbor Custom
Development's business strategy is to acquire and develop land
strategically based on an understanding of population growth
patterns, entitlement restrictions, infrastructure development, and
geo-economic forces. Harbor focuses on acquiring land with
scenic views or convenient access to freeways and public
transportation to develop and sell residential lots, new home
communities, and multi-story apartment properties within a 20 to
60-minute commute of the nation's fastest-growing metro employment
corridors.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, and Section
21E of the Securities Exchange Act of 1934. These statements
relate to, but are not limited to, expectations of future operating
results and financial performance, including GAAP and non-GAAP
guidance for the year ending December 31, 2022, the calculation of
certain of our key financial and operating metrics, and
expectations regarding sales of inventory, as well as assumptions
relating to the foregoing. Forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot
be predicted or quantified. In some cases, you can identify
forward-looking statements by terminology such as “may,” “should,”
“could,” “expect,” “plan,” anticipate,” “believe,” “estimate,
“predict,” “target,” “project,” “intend,” “potential,” “would,”
“continue,” “ongoing,” or the negative of these terms or other
comparable terminology that concerns our expectations, strategy,
priorities, plans, or intentions. You should not put undue
reliance on any forward-looking statements. Forward-looking
statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the
times at, or by, which such performance or results will be
achieved, if at all. These forward-looking statements are
subject to various risks and uncertainties, including without
limitation, changes in the real estate industry such as continued
increases in mortgage interest rates which could continue to dampen
residential home purchases, inflation, and those risks and
uncertainties set forth in the Company’s filings with the
Securities and Exchange Commission. Thus, actual results
could be materially different. This document includes
statements of summarized financial projections. There will be
differences between the projected and actual results because events
and circumstances frequently do not occur as expected and those
differences may be material. The Company expressly disclaims
any obligation to update or alter statements whether as a result of
new information, future events, or otherwise, except as required by
law.
Investor RelationsHanover
InternationalIR@harborcustomdev.com 866-744-0974
Harbor Custom Development (NASDAQ:HCDIW)
過去 株価チャート
から 6 2024 まで 7 2024
Harbor Custom Development (NASDAQ:HCDIW)
過去 株価チャート
から 7 2023 まで 7 2024