Howard Hughes reports Q1 EPS 14c, consensus 8c

Reports Q1 revenue $235.92M, consensus $196M. “Howard Hughes (HHH) is building on the strength of its cash-generative real estate platform as we transform the Company into a diversified holding company focused on compounding intrinsic value per share,” said Bill Ackman, Executive Chairman of Howard Hughes. “Our pending acquisition of Vantage is a key step in that evolution, adding a second engine of long-duration earnings alongside our communities. Vantage is a specialty insurance and reinsurance business that we believe will broaden our earnings base, add a complementary source of long-duration capital, and expand our opportunity set as we allocate capital across multiple platforms while preserving the value creation embedded in our real estate business. Everything is still on track to close this transaction during the second quarter and commence this new growth phase for the company.”