Five Point Holdings LLC (NYSE:FPH) shares are rocketing today after the company reported strong fourth-quarter FY23 results.
Revenues stood at $118.8 million versus $17.0 million a year ago, led by land sales at its Valencia segment.
Notably, at Valencia, the company closed the sale of land for 583 homesites on approximately 46 acres for $101.8 million.
Also, Great Park Venture closed two commercial land sales for around 38 acres for $174.2 million.
In the quarter, equity in earnings from unconsolidated entities stood at $24.0 million. EPS of $0.39 was higher than $0.15 a year ago.
As of December 31, 2023, the company had cash and cash equivalents of $353.8 million and borrowing availability of $125.0 million under its unsecured revolving credit facility.
Dan Hedigan, Chief Executive Officer, said, “Achieving these results in the face of a challenging economic and interest rate environment is a testament to our team’s focus on executing our key operating priorities: generating revenue, right-sizing our SG&A, and managing our capital spend. We will continue to closely monitor the market and interest rates; however, we believe that the ongoing housing supply shortage will help sustain strong demand for our land.”
Price Action: FPH shares are up 11.11% at $3.30 premarket on the last check Friday.