04 Nov Howard Hughes posts higher Q3 profit
Howard Hughes Corp.
reported higher profit in the fiscal third quarter, due to an increase in condominium rights and unit sales, but funds from operations slipped and missed analysts’ estimates.
The real-estate development and management company said net income was $29.8 million, or 69 cents a share, compared with $23.4 million, or 54 cents a share, in the same quarter a year ago.
Funds from operations–a metric that accounts for depreciation of property assets–were 91 cents a share, compared with $1.24 a share in the prior year’s quarter. Three analysts polled by FactSet had expected funds from operations of $1.02 a share.
Total revenue was $231.2 million, down 10% from a year earlier. Analysts were targeting $234.8 million in revenue.
In October, Howard Hughes said it will undergo a large cost-cutting plan that includes shedding about $2 billion of non-core assets and changing its leadership structure.
Write to Kimberly Chin at [email protected]