Fri, Jul 19, 8:18 PM (50 days ago)
Five Point Holdings, LLC reported a consolidated net income of $38.2 million for Q2 2024, down from $50.6 million in Q2 2023. Revenues increased by 139.8% to $51.2 million, driven primarily by a rise in management services revenue at the Great Park segment. SG&A expenses decreased slightly to $12.2 million. The company saw a substantial cash outflow with cash and cash equivalents dropping to $217.4 million from $353.8 million at year-end 2023. Equity in earnings from unconsolidated entities fell to $15.5 million from $52.1 million. The Great Park Venture closed the sale of 105 homesites for $96.1 million, contributing significantly to the revenue. Future operations anticipate additional land sales in Q4 2024, with no planned residential land sales in Q3 2024. The company remains focused on generating revenue, controlling SG&A costs, and managing capital spend.