Overview

• New Mexico real estate developer's fiscal Q2 revenue fell yr/yr

• Net income for fiscal Q2 dropped significantly compared to last year

Outlook

• Company did not provide specific financial guidance for the current fiscal year in press release

Result Drivers

• LAND SALE DECLINE - Total revenue was negatively impacted by an 86% drop in land sale revenue, resulting from the sale of only 16.7 total acres compared to 571.2 acres in the prior-year quarter.

• OPERATIONAL DELAYS - The company experienced material delays in municipal entitlements, infrastructure availability, approvals, and inspections, which delayed construction and revenue recognition while increasing costs.

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• The average consensus recommendation for the construction & engineering peer group is "buy"

• Wall Street's median 12-month price target for AMREP Corp is $30.00, about 42.7% above its December 11 closing price of $21.02

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 13 three months ago

Press Release: ID:nGNX5j1FLq

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)