Harbor Custom drops after warning of missing 2022 guidance

Harbor Custom Development

08/03/2023 14:57

** Shares of real estate development co Harbor Custom
Development Inc  HCDI.O  down 14.5% at $7.48
** Says it doesn't expect to meet its 2022 guidance target of
full year rev of $61 mln-$65 mln
** Co also does not expect to meet its FY adj. EBITDA guidance
of a loss between $7 mln and $5 mln
** Primary drivers of the miss were a cancellation of a sale of
real estate, cost overruns associated with two fee build
projects and an impairment charge recorded to one of co's
multi-family properties
** HCDI fell 85.9% in 2022
    
    

 (Reporting by Sri Hari N S)
 ((SriHari.NS@thomsonreuters.com;))