AMREP Company AXR delivered earnings per share of 76 cents for first-quarter fiscal 2025, indicating a 204% surge yr over yr.
AMREP’s Revenues in Element
AMREP registered revenues of $19.1 million for first-quarter fiscal 2025, up 85.5% yr over yr.
Stable revenues from its income sources boosted the highest line.
Shares of this firm had been flat in after-hours buying and selling.
AXR’s Section Particulars
AMREP derives revenues from three sources — Land sale revenues, Residence sale revenues and Different revenues.
For the fiscal first quarter, which ended on July 31, 2024, Land sale revenues had been $9.3 million, up 40.4% yr over yr. This primarily resulted from a rise in revenues from the sale of developed residential land and undeveloped land, partially offset by a lower in revenues from the sale of business developed land.
The Residence sale revenues totaled $8.9 million within the fiscal first quarter, up 164.3% yr over yr. The uptick was primarily the results of a rise within the variety of houses bought. The change in common promoting costs for the three months ended July 31, 2024, in contrast with the prior interval was primarily because of the location, measurement and mixture of houses bought.
As of July 31, 2024, AMREP had 64 houses in manufacturing, together with 17 houses underneath contract, which houses underneath contract represented $7.9 million of anticipated house sale revenues when closed, topic to buyer cancelations and alter orders. As of July 31, 2023, the corporate had 23 houses in manufacturing, together with 19 houses underneath contract, which houses underneath contract represented $9.5 million of anticipated house sale revenues when closed, topic to buyer cancelations and alter order.
Different revenues had been $0.8 million within the fiscal first quarter, up 227.5% yr over yr.
AMREP Company Worth, Consensus and EPS Shock
AMREP Corporation price-consensus-eps-surprise-chart | AMREP Company Quote
AMREP Gross Margin
In first-quarter fiscal 2025, the land sale gross margin was 48% in contrast with 36% within the year-ago interval. The change in gross margin was primarily as a result of a rise in public enchancment district reimbursements, personal infrastructure covenant reimbursements and funds for affect charge credit and the situation, measurement and mixture of property bought.
Residence sale gross margins had been 19% for the fiscal first quarter in contrast with 29% within the year-ago interval. The change in gross margin was primarily because of the location, measurement and mixture of houses bought.
AXR’s Working Bills Evaluation
Common and administrative bills elevated 3.6% from the year-ago interval to $1.6 million in first-quarter fiscal 2025.
AMREP’s Profitability
In first-quarter fiscal 2025, earnings from operations totaled $4.9 million, up 146.8% yr over yr.
AMREP’s web earnings within the fiscal first quarter was $4.1 million, up 201.9% yr over yr.
AXR’s Liquidity & Debt Administration
AMREP exited first-quarter fiscal 2025 with money and money equivalents of $40.4 million in contrast with $29.7 million on the fiscal 2024-end.
Internet money offered by working actions on the finish of first-quarter fiscal 2025 was $10.7 million in contrast with $1.8 million a yr in the past.
Our Take
AMREP exited first-quarter fiscal 2025 with strong top-line and bottom-line outcomes. Sturdy revenues from all of the sources throughout the quarter had been encouraging. Enchancment in Land sale gross margin bodes nicely for the inventory. Sturdy working earnings and web earnings had been additionally promising.
Nevertheless, the contraction in Residence sale gross margin didn’t bode nicely.
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