Harbor Custom Development Reports 70% Increase in Gross Revenue and 346% of Net Income in 2nd Quarter Financial Results
Harbor Custom Development, Inc. (NASDAQ: HCDI; HCDIP; HCDIW), an innovative and market-leading real estate company, has reported impressive 2nd quarter financial results.
According to the 2021 2nd quarter report, revenues were $14,132,400 with a net income of $1,069,400. The 2nd quarter revenues were 70% greater than the 2nd quarter of 2020, while net income also increased 346% over the same period.
The 2nd quarter results are an improvement over the 2021 1st quarter financial report. In the 1st quarter report, the company’s revenues were $13,874,200 with a net loss of $1,549,200.
The company is recording remarkable growth figures notwithstanding the COVID-19 pandemic and its impact on businesses. Most businesses have reported low revenues and slow or no growth resulting from the pandemic.
Harbor CEO Sterling Griffin commented, “We are excited to achieve our first profitable quarter as a public company and look forward to building on this success for the balance of 2021 and beyond. I’m thrilled with the momentum we gained over the past six months, which serves as further validation of our development approach.”
“We’re able to serve multiple segments of the homebuying market while providing developed lot inventory for national public builders, which provides the company a steady and diverse stream of revenue,” he added.
“With a business strategy rooted in disciplined analysis, agility and highly efficient operations, we are well-positioned for continued growth. I’m very proud of our employees’ diligent work that has led to significant progress across all segments of our business,” Griffin concluded.
Read the detailed 2nd quarter financial results here.
In March this year, Harbor announced that 2020 gross revenues were $50,397,000 with a net loss of $3,532,800. The company also revealed it had raised its guidance for 2021 projected gross revenue from $70,000,000 announced on November 23, 2020, to $80,000,000.
Harbor projects year-over-year revenue growth from 2020 to 2021 of approximately 59% increasing from $50,397,000 to $80,000,000.
Sterling Griffin, CEO of Harbor Custom Development, Inc.
About Harbor Custom Development, Inc.
Harbor Custom Development is a real estate development company involved in all aspects of the land development cycle. This includes land acquisition, entitlements, construction of project infrastructure, home building, marketing, sales and management of various residential projects.
The company operates in several areas, including Western Washington's Puget Sound region, Sacramento, California, and Austin, Texas.
Harbor has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, Belfair, Allyn, Port Orchard and Blaine in Washington.
In addition, Harbor has acquired land and will begin constructing homes in new markets. Harbor will be building homes in completed subdivisions in Rocklin and Auburn, California, in the Sacramento metro market.
In the Austin market, Harbor has acquired developed lot inventory in Dripping Springs, Driftwood and Horseshoe Bay, Texas.
The company has recently acquired a property in Punta Gorda, Florida and plans to begin constructing oceanfront condominiums there in 2022.
Harbor Custom Development'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.
Harbor focuses on real estate within target markets with convenient access to metropolitan areas generally characterized by diverse economic and employment bases and increasing populations.
Read more about Harbor Custom Development here.
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