AMREP Q1 Net Income Plunges 94% as Land Sales Nearly Vanish
AXR sits 25% above its 52-week low of $17.61.
Summary
AMREP's Q1 FY2027 net income fell 94% to $276,000 as land sale revenues nearly vanished, dropping 98% year-over-year. The company expects significantly reduced developed land revenues through fiscal 2027.
Key Events · Earnings and Guidance · AXR
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Net Income Plunges 94%
Q1 FY2027 net income was $276,000 ($0.05 diluted EPS), down from $4,692,000 ($0.87) in Q1 FY2026.
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Land Sale Revenues Collapse 98%
Land sale revenues fell to $173,000 from $7,494,000, driving total revenues down 66% to $6.05 million.
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Land Development Segment Swings to Loss
The land development segment posted a $167,000 operating loss versus a $4.81 million profit a year earlier.
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FY2027 Revenue Warning
Management expects significantly reduced developed residential land revenues during fiscal 2027 due to project delays, market headwinds, and a strategic shift toward homebuilding.
Analysis · AXR · Real Estate & Construction
AMREP's first-quarter results show a sharp deterioration in its core land development business. Total revenues fell 66% to $6.05 million, with land sale revenues collapsing 98% to just $173,000 from $7.49 million a year earlier. The land development segment swung to a $167,000 operating loss from a $4.81 million profit. Management attributes the decline to reduced project scope, market headwinds, and entitlement and infrastructure delays, and warns of significantly reduced developed residential land revenues through fiscal 2027. The company also terminated two related-party infrastructure reimbursement agreements in June 2026, paying $315,000 to a director-affiliated entity. While the homebuilding segment remained profitable and cash reserves are substantial at $49 million, the near-total evaporation of land sale revenue — historically a major earnings driver — represents a meaningful deterioration in the company's near-term earnings power.
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In the 30 days to Sep 11, 2026, 30.2% of the 1943 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.21%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, AXR was trading at $22.01 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $122.2M. The 52-week trading range was $17.61 to $29.01. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.