HAVERTOWN, PA — AMREP Corporation (NYSE: AXR), a prominent landholder and real estate developer in New Mexico, recently reported a net income of $92,000 for its fiscal third quarter of 2024, ending January 31. This figure translates to $0.02 per diluted share, a significant dip compared to the net income of $16,574,000, or $3.12 per diluted share, recorded in the same period last year.
The company’s net income for the first nine months of 2024 stood at $2,546,000 or $0.48 per diluted share, again marking a decrease from the net income of $22,107,000 or $4.17 per diluted share reported for the corresponding period in 2023.
Despite the drop in net income, AMREP’s revenues saw an improvement. The company posted revenues of $12,689,000 for the third quarter of 2024, up from $9,117,000 in the same quarter of the previous year. However, the revenues for the first nine months of 2024 amounted to $31,833,000, slightly lower than the $35,975,000 recorded in the same period of 2023.
During the third quarter of 2023, AMREP recognized a non-cash pre-tax pension settlement expense of $2,336,000 due to the payout of certain lump-sum pension benefits to former employees from its defined benefit pension plan. The company also reported a non-cash income tax benefit of $16,071,000, which resulted from a worthless stock deduction related to its former fulfillment services business.
Details about the company’s financial performance can be found in its financial statements on Form 10-Q, which have been filed with the Securities and Exchange Commission. These documents are also available on AMREP’s website.
AMREP Corporation, through its subsidiaries, has a significant footprint in New Mexico as a major landholder, real estate developer, and award-winning home builder. The company’s recent financial performance indicates its resilience in navigating market dynamics while continuing to uphold its strong position in the real estate sector.
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