$FRPH reports positive Q4 and FY22 results, net income up to $2.8M.
Mar 8th 2023, 1:38 pm
Analyst Summary: FRP Holdings, Inc. (NASDAQ: FRPH) has reported Q4 and annual FY 2022 results. In the fourth quarter, net income was $2.8 million, or $0.29 per share, compared to a net loss of $(592,000), or $(0.06) per share, in the same period the previous year. The company said that this quarter was positively impacted by improved revenue growth and increased rent occupancy. For the calendar year 2022, the net income attributable to FRPH was $4.6 million, or $0.48 per share, compared to $28.2 million, or $3.00 per share, in the same period the previous year. Revenue and operating profit growth across its different segments such as Asset Management, Mining, and Development were attributed to improved occupancy and rent growth. The company also sold a 20% interest tenancy-in-common (TIC) of Dock 79 and The Maren for $65.3 million with FRP Holdings holding a majority ownership, indicating growth potential. The CEO has mentioned, “We are excited about The Maren’s continued success and Dock 79’s strong performance, and we look forward to their future successes."