Harbor Custom Development, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 14, 2023 at 09:57 am EDT
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Harbor Custom Development, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 19.84 million compared to USD 10.29 million a year ago. Net loss was USD 4.38 million compared to USD 4.51 million a year ago. Basic loss per share from continuing operations was USD 3.79 compared to USD 9.2 a year ago. Diluted loss per share from continuing operations was USD 3.79 compared to USD 9.2 a year ago.
For the six months, sales was USD 29.03 million compared to USD 38.87 million a year ago. Net loss was USD 9.24 million compared to USD 2.86 million a year ago. Basic loss per share from continuing operations was USD 10.95 compared to USD 10.01 a year ago. Diluted loss per share from continuing operations was USD 10.95 compared to USD 10.01 a year ago.
Harbor Custom Development, Inc. is a real estate development company. The Company is engaged in the land development cycle, including land acquisition, entitlements, development, construction of project infrastructure, single and multi-family vertical construction, marketing, and sales of various residential projects in Washington, California, Texas, and Florida. The Company operates through five segments: Homes, Developed lots, Entitled land, Multi-family, and Fee Build. It also provides services as fee-build revenues to construct the required infrastructure so that houses can be developed on the lots. Its multi-family construction offers comparable finishes to a new construction home, featuring quartz countertops, stainless steel kitchen appliances, an in-unit washer and dryer, and premium flooring. It owns or controls approximately 15 communities in Washington, Texas, California, and Florida, containing approximately 517 units or lots in various stages of development.