Howard Hughes Corp. posts Q3 results, preps stock buy-back program

Howard Hughes Corp. announced last month Results of the Strategic Review Process Headquarters moved its headquarters from Dallas to Houston, sold non-core assets, and posted an adjustment fund from $ 70 million ($ 1.62) to $ 580 million ($ 1.32 per share) a year ago.

Profit in the third quarter was $ 29.8 million, or 69 cents per share, compared to $ 23.4 million (54 cents) over the same period last year. This increase sold Cottonwood Mall for $ 46 million in Salt Lake City and M.D. It was caused by renting a building with Anderson, the company said.

The company, which named Houston Paul Layne as its new CEO, saw overall declines in quarterly sales in the master planning community sector, while the Houston-based real estate The Woodlands Hills and Woodland were 77{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} and 62.7, respectively. {7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} Increased.

Woodlands achieved a price of $ 737,000 per acre in the quarter, an increase of $ 195,000 over the previous year, the company said. Quarterly report posted on Monday afternoon. Landland's revenue from Bridgeland, another developer in the Houston area, also increased over last year.

The Hughes Board also approved a stock repurchase program that allows the company to purchase up to $ 100 million of its shares, the company said.

The other quarterly results are:

• Revenue was $ 227 million, down from $ 27.2 million.
• At the end of the quarter, the company's liabilities corresponded to 45.6{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} of its assets, with an asset-to-liability ratio of 41.2{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5}. Reported $ 660 million in cash or cash equivalents.

Hughes shares closed at $ 111.09 (Mon), down 34 cents.