Harbor Custom Development, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021
November 15, 2021 at 04:28 pm EST
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Harbor Custom Development, Inc. reported earnings results for the third quarter and nine months ended September 30, 2021. For the third quarter, the company reported sales was USD 18.01 million compared to USD 7.81 million a year ago. Net income was USD 3.71 million compared to net loss of USD 0.4371 million a year ago. Basic earnings per share from continuing operations was USD 0.21 compared to basic loss per share from continuing operations of USD 0.1 a year ago. Diluted earnings per share from continuing operations was USD 0.2 compared to diluted loss per share from continuing operations of USD 0.1 a year ago.
For the nine months, sales was USD 46.02 million compared to USD 26.08 million a year ago. Net income was USD 3.23 million compared to net loss of USD 1.62 million a year ago. Basic earnings per share from continuing operations was USD 0.17 compared to basic loss per share from continuing operations of USD 0.43 a year ago. Diluted earnings per share from continuing operations was USD 0.17 compared to diluted loss per share from continuing operations of USD 0.43 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.