HCDI - Harbor Custom Development GAAP EPS of -$0.03 misses by $0.02 revenue of $28.6M misses by $1.8M; reaffirms FY22 guidance

Harbor Custom Development  press release (NASDAQ:HCDI): Q1 GAAP EPS of -$0.03 misses by $0.02. Revenue of $28.6M (+105.8% Y/Y) misses by $1.8M. Adjusted EBITDA for the first quarter 2022 increased by 1,600.0% to $3.9 million compared to $0.2 million for the first quarter 2021. For the first quarter 2022, Adjusted EBITDA as a percentage of net sales was 13.6% compared to 1.7% for the first quarter 2021. Full Year 2022 Outlook Estimate: 2022 revenue expectations remain at approximately $160 million vs. consensus of $160.00M; 2022 Adjusted EBITDA expectation remains at approximately $20 million.

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Harbor Custom Development GAAP EPS of -$0.03 misses by $0.02, revenue of $28.6M misses by $1.8M; reaffirms FY22 guidance