AMREP Reports Third Quarter Fiscal 2022 Results
Rhea-AI Summary
AMREP Corporation (NYSE:AXR) reported a net income of $910,000, or $0.12 per diluted share, for Q3 2022, a decline from $2,093,000, or $0.28 per diluted share, in Q3 2021. However, YTD net income rose to $5,873,000, or $0.80 per diluted share, compared to $3,484,000, or $0.44 per diluted share, in the same period the previous year. Revenues for Q3 were $9,816,000, up from $7,864,000 in Q3 2021, and for the first nine months of 2022, revenues reached $36,559,000 versus $21,326,000 in 2021.
Positive
- YTD net income increased by 68.4% to $5,873,000.
- Revenues rose by 71.5% YTD to $36,559,000.
Negative
- Net income for Q3 decreased by 56.5% compared to Q3 2021.
- Earnings per share (EPS) dropped from $0.28 to $0.12 in Q3 2022.
News Market Reaction – AXR
On the day this news was published, AXR declined 7.26%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HAVERTOWN, Penn., March 10, 2022 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE:AXR) today reported net income of
More information about the Company’s financial performance may be found in AMREP Corporation’s financial statements on Form 10-Q which have today been filed with the Securities and Exchange Commission and will be available on AMREP’s website (www.amrepcorp.com/sec-filings/).
AMREP Corporation, through its subsidiaries, is a major holder of land, leading developer of real estate and award-winning homebuilder in New Mexico.
FINANCIAL HIGHLIGHTS
| Three Months Ended January 31, | ||||||
| 2022 | 2021 | |||||
| Revenues | $ | 9,816,000 | $ | 7,864,000 | ||
| Net income (loss) | $ | 910,000 | $ | 2,093,000 | ||
| Income (loss) per share – basic | $ | 0.12 | $ | 0.29 | ||
| Income (loss) per share – diluted | $ | 0.12 | $ | 0.28 | ||
| Weighted average number of common shares outstanding – basic | 7,363,000 | 7,343,000 | ||||
| Weighted average number of common shares outstanding – diluted | 7,385,000 | 7,372,000 | ||||
| Nine Months Ended January 31, | ||||||
| 2022 | 2021 | |||||
| Revenues | $ | 36,559,000 | $ | 21,326,000 | ||
| Net income (loss) | $ | 5,873,000 | $ | 3,484,000 | ||
| Income (loss) per share – basic | $ | 0.80 | $ | 0.44 | ||
| Income (loss) per share – diluted | $ | 0.80 | $ | 0.44 | ||
| Weighted average number of common shares outstanding – basic | 7,357,000 | 7,872,000 | ||||
| Weighted average number of common shares outstanding – diluted | 7,380,000 | 7,903,000 | ||||
| CONTACT: | Adrienne M. Uleau Vice President, Finance and Accounting (610) 487-0907 | |
FAQ
What were AMREP Corporation's earnings for Q3 2022?
How did AMREP's revenue change in Q3 2022 compared to Q3 2021?
What is the year-to-date net income for AMREP Corporation for 2022?
What are the earnings per share for AMREP for the first nine months of 2022?
How has AMREP Corporation's financial performance changed from 2021 to 2022?
