BBX Capital Q2 revenue $83.7M (+36% YoY) but net income drops to $10.5M; Renin loss, covenant breach

BBX Capital, Inc.

2022-Q2 EPS reported $0.56 revenue$159,169,000

Net income $10.5M ($0.68 diluted EPS) vs $20.1M ($1.07) a year ago; revenue $83.7M vs $61.7M.
BBXRE income before taxes $25.1M vs $11.9M, driven by Altis Little Havana, Bayview JV sales and loan recoveries.
Renin loss before taxes $3.9M vs income $0.8M; gross margin 2.3% (from 11.7%); failed TD Bank covenant on $37.9M facility.
BBX Sweet Holdings loss $0.2M vs income $16.0M; prior year included $15.9M non-cash gain on IT'SUGAR reconsolidation.
IT'SUGAR comparable store sales +11% vs 2021 and +19% vs 2019; new candy department stores in metro areas.

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