Howard Hughes Corp. HHC on Monday reported fourth-quarter results that beat expectations, but the real-estate developer warned that market anxiety would lead to lower land sales this year. The company, which develops residential communities and other properties, reported net income of $53.4 million, or $1.07 a share, compared with $111.3 million, or $2.09 a share, in the same quarter in 2021. Revenue of $482 million fell sharply from $805.7 million in the prior-year quarter. Analysts polled by FactSet expected earnings per share of 97 cents, on revenue of $442.9 million. “While we do not expect to be immune to the near-term challenges of the ongoing market uncertainty — which is expected to contribute to reduced residential land sales and relatively flat Operating Assets (non-operating income) in 2023 — HHC’s future is bright,” Chief Executive David O’Reilly said in a statement. Shares fell 2.7% after hours.
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