The Howard Hughes Corp.(HHC), a real estate investment and development company, Thursday reported a decline in net earnings for its second quarter compared with the same quarter prior year, echoing lower Warrant liability gains and a Loss on remeasurement of tax indemnity receivables from last year. However, diluted EPS rose from last year.
In its second quarter, Howard Hughes reported a slump in net income to $34.3 million from $66 million last year. However, the company's EPS for the second quarter rose to 27 cents per share from or 22 cents per share in the year-ago quarter. The company revealed a warrant gain of $23.4 million for the latest second quarter compared to a warrant gain of $56.9 million in the comparable period prior year. The company also incurred an unfavorable Loss on remeasurement of tax that totaled $8.8 million, non-existent last year.
On an adjusted basis,second-quarter net income excluding the warranty gains was $10.9 million compared with $9.1 million last year.
However, during the quarter, the company's net revenue rose to $93.9 million from $50.8 million, reflecting impressive sales in the company's Master Planned Community land sales and impressive revenue from its Resort and conference center, which was nil last year.
On Wednesday, The Howard Hughes Corp closed at $65.15 per share on the NYSE.
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