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AXR NYSE· AMREP Corp
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AXR NYSE· AMREP Corp
Earnings report Q4 2023

AXR Reports Decrease in Revenue for Latest Quarter

Segments of revenue

In the latest quarter, AXR reported total revenues of $8.85 million. Land sale revenues accounted for $4.88 million, representing a significant decrease of $7.97 million compared to the same period last year. Home sale revenues increased to $3.52 million, showing a growth of $0.62 million. Other revenues also saw a slight increase to $0.45 million.

Strengths

Despite the overall decrease in revenue, AXR experienced growth in its home sale segment. This can be attributed to an increase in demand for residential properties. The company's management highlighted that the growth in home sale revenues was driven by favorable market conditions and effective sales strategies.

Challenges

The main challenge faced by AXR in the latest quarter was the significant decrease in land sale revenues. This decline can be attributed to various factors such as changes in market demand, delays in land development projects, or increased competition in the real estate industry. The company's management acknowledged that the decrease in land sale revenues impacted their overall financial performance.

Noteworthy

It is worth noting that AXR's overall revenue decreased by $7.29 million compared to the same quarter last year. This decline was primarily driven by the significant decrease in land sale revenues. The company's management expressed their commitment to addressing the challenges in the land development business segment and expects improved performance in the future.

Summary

AXR reported a decrease in revenue for the latest quarter, primarily due to a significant decline in land sale revenues. However, the company experienced growth in its home sale segment, which can be attributed to favorable market conditions. AXR's management acknowledged the challenges faced in the land development business segment and expressed their commitment to improving performance in the future.

Source documents

Form 10-Q  filed on Dec 11, 2023
96 pages scanned

Reference data

Company financials Q4 revenue 8.9M
Analyst estimates Q4 EPS missed by NaN%
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