FRP Holdings Q2 net income falls 72%
Overview
FRP Holdings Q2 net income falls 72% due to increased legal expenses
Total revenues for Q2 rise 3.6%, driven by higher mining royalties
Company enters joint venture for industrial development in Lake County, FL
Outlook
FRP Holdings aims to double industrial segment size by 2030
Company expects substantial completion of projects by Q2 2026
FRP Holdings notes shortage of industrial buildings in Orlando area
Company shifts investment focus to industrial segment
Result Drivers
LEGAL EXPENSES - Net income decreased due to legal expenses for due diligence on potential investment
MINING ROYALTIES - Increase in mining royalties contributed to revenue growth
MULTIFAMILY OCCUPANCY - Improved occupancy at The Verge and Dock 79 led to slight increase in multifamily NOI
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Lease Revenue | $7.24 mln | ||
Q2 Net Income | $624,000 | ||
Q2 Operating Expenses | $2.58 mln | ||
Q2 Operating Profit | $1.66 mln | ||
Q2 Pretax Profit | $802,000 |
Press Release:
