Howard Hughes climbs after Q2 results top expectations

Pershing Square Holdings

26/07/2024 17:17

** Shares of Howard Hughes Holdings  HHH.N  up 2.9% at
$72.52, after hitting over 4-mth on Fri, after real estate firm
swings to a profit in Jun qtr
    ** Texas-based co late Thurs reported Q2 EPS of 42 cents
compared to loss of 39 cents a year ago, citing robust
residential land sales in its master planned communities (MPC)
segment
    ** Analysts had expected profit of 23 cents, per LSEG
    ** Rev in qtr grew 44% yr/yr to $317.4 mln, topping Street
view of $289 mln
    ** Co said it is "extremely pleased" with its first half
performance and outlook for remainder of 2024, adding expects to
complete spin off Seaport Entertainment next week
    ** Billionaire Bill Ackman's Pershing Square Capital
Management is top HHH shareholder with ~38% stake, per LSEG data
    ** Ackman in Apr retired as board chairman since founding
HHH in 2010
    ** With move on the session, HHH shares off 15% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))