FRP Holdings, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 12:15 am IST
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FRP Holdings, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 7.51 million compared to USD 6.82 million a year ago. Revenue was USD 10.59 million compared to USD 9.29 million a year ago. Net income was USD 1.26 million compared to USD 0.48 million a year ago. Basic earnings per share from continuing operations was USD 0.065 compared to USD 0.025 a year ago. Diluted earnings per share from continuing operations was USD 0.065 compared to USD 0.025 a year ago.
For the nine months, sales was USD 21.77 million compared to USD 19.85 million a year ago. Revenue was USD 31.4 million compared to USD 27.63 million a year ago. Net income was USD 2.42 million compared to USD 1.81 million a year ago. Basic earnings per share from continuing operations was USD 0.13 compared to USD 0.095 a year ago. Diluted earnings per share from continuing operations was USD 0.13 compared to USD 0.095 a year ago.
FRP Holdings, Inc. is a holding company engaged in various real estate businesses. The Company operates in four segments. Its Industrial and Commercial Segment owns, leases and manages in-service commercial properties wholly owned by the Company or through joint ventures. This includes eight warehouses in two business parks, an office building partially occupied by the Company, and two ground leases. Its Mining Royalty Lands Segment owns several properties totaling approximately 16,650 acres under lease for mining rents or royalties and an additional 4,280 acres through its Brooksville joint venture with Vulcan Materials. Other than one location in Virginia, all of its mining properties are located in Florida and Georgia. Its Development Segment owns and monitors the use of parcels of land that are in various stages of development. Its Multifamily Segment includes joint ventures which own, lease and manage buildings that have met its initial lease-up criteria.