Harbor Custom Development, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 14, 2023 at 03:46 pm EST
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Harbor Custom Development, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 5.54 million compared to USD 11.75 million a year ago. Net loss was USD 18.27 million compared to USD 3.41 million a year ago. Basic loss per share from continuing operations was USD 7.51 compared to USD 7.41 a year ago. Diluted loss per share from continuing operations was USD 7.51 compared to USD 7.41 a year ago.
For the nine months, sales was USD 34.56 million compared to USD 50.62 million a year ago. Net loss was USD 27.51 million compared to USD 6.28 million a year ago. Basic loss per share from continuing operations was USD 19.6 compared to USD 17.51 a year ago. Diluted loss per share from continuing operations was USD 19.6 compared to USD 17.51 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.
HARBOR CUSTOM DEVELOPMENT, INC. 
