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Dec 31, 2024
FRP Q4 2024 Earnings Report
FRP Holdings reported a modest increase in revenue and a decline in net income for Q4 2024.
Key Takeaways
FRP Holdings reported Q4 2024 revenue of $10.53 million, reflecting a 4.2% year-over-year increase. Net income decreased by 41.7% to $1.68 million, with an EPS of $0.09. The company saw strong performance in its Mining Royalty segment, which grew revenue by 19% and segment NOI by 34%. However, operating profit declined due to higher general and administrative expenses and increased joint venture losses.
Q4 2024 revenue increased 4.2% year-over-year to $10.53 million.
Net income declined by 41.7% to $1.68 million, with an EPS of $0.09.
Mining Royalty revenue grew 19% year-over-year to $3.46 million.
Operating profit decreased by 8.3% due to increased expenses and joint venture losses.
Revenue by Segment
Forward Guidance
FRP Holdings expects 2025 to be a transition year, with a focus on industrial development and investment while maintaining stability in its Multifamily and Mining Royalty segments.
Positive Outlook
- Expected $71 million in equity capital investment in 2025.
- Continued industrial expansion with two new joint ventures in Florida.
- Strong occupancy rates in Multifamily segment expected to drive stable revenue.
- Mining Royalty revenue projected to remain strong despite a difficult comparison with 2024.
- New multifamily developments planned in South Carolina and Florida.
Challenges Ahead
- Industrial segment facing short-term vacancy challenges at key properties.
- Multifamily segment facing rent competition in Washington, D.C. market.
- One-time $1.9 million mining royalty payment from 2024 will not repeat.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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