Howard Hughes stock rallies after surprise profit

44855 howard hughes stock rallies after surprise profit

Howard Hughes Corp. HHC, +1.68% shares rallied in the extended session Wednesday after the real-estate manager reported a surprise profit. Howard Hughes shares surged more than 15% after hours, following a 1.7% rise in the regular session to close at $69.80. The company reported second-quarter net income of $21.6 million, or 42 cents a share, compared with $4.8 million, or 9 cents a share, in the year-ago period. Revenue rose to $276.7 million from $212.5 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 39 cents a share on revenue of $203.7 million. “In a quarter that has been headlined by an economic downturn, rising inflation, and recessionary concerns, we performed exceptionally well,” said David O’Reilly, Howard Hughes chief executive, in a statement.

Source: Marketwatch

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