Harbor custom development, inc. provides preliminary 2022 guidance update

Tacoma, wash, march 08, 2023 (globe newswire) -- harbor custom development, inc. (nasdaq: hcdi, hcdip, hcdiw, hcdiz) (“harbor,” “harbor custom homes®,” or the “company”), an innovative real estate company involved in all aspects of the land development cycle, today announced that based on its preliminary results, it does not expect to meet its guidance targets for 2022 of full year revenue and adjusted ebitda of $61 to $65 million and $(7) million to $(5) million loss, respectively.  the primary drivers of the miss were a cancellation of a sale of real estate in punta gorda, florida, which was previously under contract and expected to close in the fourth quarter of 2022; cost overruns associated with two fee build projects that are now in final stages of completion; and an impairment charge that was recorded to one of the company's multi-family properties. harbor plans to provide full year financial results by march 31, 2023.
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