Harbor Custom Development Inc has announced third-quarter 2021 net sales of $18 million, a 130.7% year-over-year increase, which the company attributed largely to a $10.4 million entitled land sale to Lennar (NYSE:LEN) as well as fee build revenue of $2.8 million.
Harbor Custom also recorded 3Q net income of $3.7 million, or $0.21 per share, compared with a net loss of $0.4 million, or $0.10 per share, during the same period last year.
“I am very proud of our dedicated employees and Board of Directors that have combined to drive Harbor to profitability in our first year as a public company,” Harbor Custom Development CEO Sterling Griffin said in a statement.
READ: Harbor Custom Development strikes deal to sell 20 lots in Washingston state to Noffke Land Holdings for US$3.8M
“Our third quarter results demonstrate our commitment to increasing shareholder value through sustainable growth and increased earnings,” Griffin added.
As well, the company said it expects its full year 2021 revenues to be in the range of $70 million to $80 million, with 4Q 2021 revenues and net income expected to exceed its 3Q 2021 results.
Harbor Custom added it continues to reiterate its previously-announced 2022 revenue guidance of about $160 million.
Harbor Custom Development is a real estate development company involved in all aspects of the land development cycle including land acquisition, entitlements, construction of project infrastructure, home building, marketing, sales, and management of various residential projects in Western Washington's Puget Sound region; Sacramento, California, and Austin, Texas.
The company’s business strategy is to acquire and develop land strategically, based on an understanding of population growth patterns, entitlement restrictions, infrastructure development, and geo-economic forces.
Contact Sean at sean@proactiveinvestors.com