AMREP Q1 Net Income Plunges 94% as Land Sales Vanish
AXR sits 29% above its 52-week low of $17.61.
Summary
AMREP's fiscal Q1 net income fell 94% to $276,000, with land sale revenues dropping 98% year-over-year. The company attributes the decline to timing and type of land and home sales, and did not provide specific guidance. This follows the 10-Q filed today and a 19% net income decline in the prior fiscal year. The one analyst rating is a hold, with a median price target of $26.00, about 13% above the last close. The sharp revenue drop and lack of guidance raise concerns about near-term earnings power.
At the time of this announcement, AXR was trading at $22.75 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 news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.