NYSE$HHH
Howard Hughes Holdings Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Howard Hughes Holdings Inc. reported strong performance across core businesses with record-setting price per acre in MPCs and improved full-year guidance for Operating Assets and Condos for the second quarter of 2024.
Howard Hughes Holdings Inc. delivered outstanding results in Q2 2024, with net income of $21.1 million, a significant improvement from a prior-year loss. This was driven by robust residential land sales in MPCs, strong Operating Assets NOI, and exceptional pre-sales activity for condominiums. The company also increased its full-year guidance for Operating Assets NOI and condo sales revenue.
- Net income per diluted share was $0.42, a substantial improvement from a loss of $(0.39) in the prior-year period.
- MPC EBT reached $123 million, driven by a 315% year-over-year increase in residential land sales at a record quarterly average price of $1 million per acre.
- Total Operating Assets NOI was $68 million, contributing to a $5 million increase in full-year guidance mid-point to $255 million.
- Contracted to sell 94 condominiums in Ward Village® and The Woodlands®, representing $207 million of future revenue.
Headline financials
Revenue & EPS history
Howard Hughes · Revenue · Quarterly
$317M
Revenue by segment
Howard Hughes · $482M total across 5 segments · Q4 2022
- Condominium rights and unit sales$217M—45.1%
- Master Planned Communities land sales$117M—24.3%
- Rental revenue$103M—21.4%
- Other land, rental, property revenues$24.6M—5.1%
- Builder price participation$19.9M—4.1%
Forward guidance
Howard Hughes Holdings Inc. has increased its full-year 2024 guidance for Operating Assets NOI and condo sales revenues, while reaffirming MPC EBT guidance.
Tailwinds
- MPC EBT is expected to benefit from record residential land sales as homebuilders seek to replenish low lot inventories.
- New home sales in Summerlin, Bridgeland, and The Woodlands Hills are on pace to exceed 2023 results.
- Operating Assets NOI is projected to benefit from increased occupancy at new multi-family developments in Downtown Columbia, Summerlin, and Bridgeland.
- Improved retail leasing and new tenants in Downtown Columbia, Ward Village, and The Woodlands are expected to boost Operating Assets NOI.
- Condo sales revenues are now expected to range between $730 million and $750 million, an increase from previous guidance.
Headwinds
- MPC EBT year-over-year gains are expected to be offset by reduced EBT associated with exceptional commercial land sales and builder price participation during 2023.
- Limited inventory of custom lots available to sell at Aria Isle in The Woodlands and The Summit in Summerlin due to their significant past success.
- Operating Assets NOI will be partially offset by free rent periods on many of the new office leases.
- The impact of some tenant vacancies in the office portfolio will negatively affect Operating Assets NOI.
- New office developments recently completed will partially offset Operating Assets NOI.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 11 quarterly earnings reports · overlaid with Q2 2024
+0.7%
Avg return
Earnings day
-1.0%
Avg return
5 days after
-0.2%
Avg return
30 days after
45%
5 / 11 earnings
Positive
+11.3%
Q3 2025
Best reaction
-9.7%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.5% | +1.0% | +2.4% | |
| Q4 2025 | -9.7% | -11.5% | -25.0% | |
| Q3 2025 | +11.3% | +7.3% | +6.5% | |
| Q2 2025 | +1.7% | +4.7% | +14.1% | |
| Q1 2025 | +1.8% | +4.3% | -0.1% | |
| Q4 2024 | +0.4% | -0.2% | +0.3% | |
| Q3 2024 | -0.4% | -1.6% | -2.0% | |
| Q2 2024 | +0.0% | -0.4% | +13.8% | |
| Q1 2024 | +0.0% | -8.1% | -10.3% | |
| Q4 2022 | +0.0% | -3.1% | -4.1% | |
| Q3 2022 | -1.2% | -3.1% | +2.6% |
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