Howard Hughes Q1 net loss $1.06 diluted; MPC EBT $24.3M; guidance reaffirmed

Howard Hughes Holdings Inc.

2024-Q1 EPS reported -$1.06 revenue$171,138,000

Net loss of $52.5M ($1.06 diluted) vs $22.7M loss ($0.46) a year ago, driven by lower land sales and spinoff G&A.
Total Operating Assets NOI rose 7% to $63.5M; office NOI up 10% to $30.6M; multi-family NOI up 9% to $13.8M.
MPC EBT fell 61% to $24.3M; full-year guidance midpoint of $300M unchanged; 654 new homes sold (up 24% sequentially).
First 52 acres sold at Floreo for $758k/acre; Ritz-Carlton Residences pre-sold 56 units (~$250M revenue) in first week.
Seaport spinoff on track for coming months; FY2024 guidance for condo sales $675-725M and cash G&A $80-90M.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Howard Hughes Holdings Inc. reported first quarter ended March 31, 2024 results: net income loss of $52.5 million, or $(1.06) per diluted share, EPS $(1.06). Guidance reaffirmed.

Period: first quarter ended March 31, 2024
Net income: loss of $52.5 million, or $(1.06) per diluted share
EPS: $(1.06)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company,” “HHH,” or “we”) today announced operating results for the first quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001628280-24-021655

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