earnings
confidence high
sentiment negative
materiality 0.60
FRP Holdings Q3 net income falls to $0.04/share from $0.57, hit by prior-year property sales
FRP HOLDINGS, INC.
2021-Q3 EPS reported
$3.07
revenue$22,821,000
- Net income $352K ($0.04 diluted EPS) vs $5.455M ($0.57) in Q3 2020; revenue down on property sales and bond maturities.
- Mining royalty segment revenue $2.249M, operating profit $1.968M, down $270K YoY due to Vulcan temporarily shifting operations.
- Stabilized joint venture NOI up 90.5% to $3.113M, driven by consolidation of The Maren (70.41% owned).
- Dock 79 and The Maren residential occupancy above 93%; DC rent freeze prevents rent increases on renewals.
- Purchased 17 acres in Harford County, MD for $1.96M for future industrial development; land bank now over 625,000 sq ft.