NASDAQ$FRPH
Frp Holdings Inc · Q1 2020 earnings
Q1 2020 earnings · · Investor relations
Briefing
FRP's financial performance for the first quarter of 2020 was detailed, showing a slight decrease in net income compared to the same period last year, alongside updates on various segment operations and the impact of the COVID-19 pandemic.
FRP Holdings reported a net income of $1.618 million, or $0.15 per share, for the first quarter of 2020, compared to $1.898 million, or $0.19 per share, for the same period last year. The results were impacted by the cessation of double minimums at the Lake Louisa property and the ongoing COVID-19 pandemic.
- Net income decreased to $1.618 million, or $0.15 per share, compared to $1.898 million, or $0.19 per share, in the first quarter of 2019.
- Asset Management segment revenues increased slightly, but operating loss also increased due to higher corporate expense allocation.
- Mining Royalty Lands segment revenues and operating profit decreased due to the cessation of double minimums at the Lake Louisa property.
- Dock 79's average occupancy was 93.52% for the quarter, with 54.24% of expiring leases renewed at an average rent increase of 1.46%.
Headline financials
Revenue & EPS history
FRP · Revenue · Quarterly
$5.78M
Revenue by segment
FRP · $2.92M total across 3 segments · Q1 2020
- Mining Royalty Lands$2.19M-2.0%74.8%
- Industrial and Commercial$652K+1.7%22.3%
- Multifamily$83K—2.8%
Forward guidance
The company is closely monitoring the economic fallout from the COVID-19 pandemic and its impact on various business segments. While some segments like Asset Management have been somewhat insulated, others like Dock 79 and Mining Royalties face potential challenges. The company is focused on protecting existing assets and projects while also looking for potential investment opportunities.
Tailwinds
- Construction has been allowed to continue in Washington, DC and South Carolina.
- The Maren building is 17.42% leased and 4.17% occupied as of April 27, 2020, with construction expected to be complete before the end of the second quarter.
- The company closed on the sale of remaining lots at Lakeside Business Park on April 3, 2020, for $3.75 million.
- Decrease in road traffic has allowed states and municipalities to push forward their timeline for transportation infrastructure projects.
- Share buybacks during the first quarter of 2020 with 82,491 shares repurchased at an average cost of $41.47 per share.
Headwinds
- COVID-19 pandemic is having an extraordinary impact on the world economy and the markets.
- Retail tenants are facing challenges due to social distancing, stay at home, and telework measures.
- Restaurant tenants at Dock 79 have been hit hard, with only one restaurant open for takeout.
- The district has suspended property owners from raising rents effective back to March 11.
- Economic cost and loss of life is staggering.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2020
+0.3%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+0.3%
Avg return
30 days after
51%
33 / 65 earnings
Positive
+11.5%
Q1 2013
Best reaction
-6.8%
Q2 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.6% | +5.3% | +11.1% | |
| Q4 2025 | -2.0% | -5.5% | -8.7% | |
| Q3 2025 | -4.5% | -1.4% | -3.4% | |
| Q2 2025 | -6.8% | +0.3% | -4.2% | |
| Q1 2025 | +1.2% | +0.0% | +1.4% | |
| Q4 2024 | -3.6% | -9.2% | -9.9% | |
| Q3 2024 | +1.3% | +4.1% | +5.4% | |
| Q2 2024 | +4.7% | +1.7% | +0.6% | |
| Q1 2024 | +1.2% | -1.8% | -2.3% | |
| Q4 2023 | +1.9% | +1.1% | +0.9% | |
| Q3 2023 | +1.3% | +3.7% | +8.0% | |
| Q2 2023 | -1.0% | -2.7% | -3.0% | |
| Q1 2023 | +2.5% | -3.8% | +6.6% | |
| Q4 2022 | +9.7% | +4.1% | +6.8% | |
| Q3 2022 | +0.1% | +3.0% | +5.4% | |
| Q2 2022 | +2.4% | +1.8% | -0.9% | |
| Q1 2022 | +1.9% | -0.4% | +1.9% | |
| Q4 2021 | +3.3% | +1.7% | +4.3% | |
| Q3 2021 | +7.1% | +12.0% | +0.1% | |
| Q2 2021 | -2.4% | -0.4% | -3.6% | |
| Q1 2021 | +8.4% | +13.8% | +16.1% | |
| Q4 2020 | +8.0% | +7.9% | +2.6% | |
| Q3 2020 | -2.1% | +4.5% | +1.4% | |
| Q2 2020 | +1.9% | +5.9% | +2.2% | |
| Q1 2020 | -1.2% | -2.6% | +1.6% | |
| Q4 2019 | +2.3% | -7.1% | -14.4% | |
| Q3 2019 | -1.3% | -3.5% | -1.9% | |
| Q2 2019 | +0.1% | +1.4% | +1.0% | |
| Q1 2019 | -5.2% | -3.7% | -4.7% | |
| Q4 2018 | +0.4% | -0.8% | +1.3% | |
| Q3 2018 | -0.7% | +0.5% | -10.4% | |
| Q2 2018 | +2.4% | -1.5% | +1.2% | |
| Q1 2018 | -1.3% | -2.9% | -0.3% | |
| Q4 2017 | +1.3% | +2.4% | +1.5% | |
| Q3 2017 | -0.6% | -0.8% | +1.1% | |
| Q2 2017 | -1.1% | -0.2% | -1.1% | |
| Q1 2017 | -2.2% | -1.9% | -3.2% | |
| Q4 2016 | +1.8% | +3.8% | +3.3% | |
| Q3 2016 | +0.9% | +0.6% | -3.7% | |
| Q2 2016 | -1.7% | — | — | |
| Q1 2016 | +3.5% | — | — | |
| Q4 2015 | -4.7% | — | — | |
| Q3 2015 | +5.2% | — | — | |
| Q4 2014 | -4.4% | — | — | |
| Q2 2015 | +2.8% | — | — | |
| Q1 2015 | +4.4% | — | — | |
| Q3 2014 | +1.8% | — | — | |
| Q2 2014 | -0.6% | — | — | |
| Q1 2014 | -1.2% | — | — | |
| Q4 2013 | -0.5% | — | — | |
| Q3 2013 | -2.8% | — | — | |
| Q2 2013 | -5.1% | — | — | |
| Q1 2013 | +11.5% | — | — | |
| Q4 2012 | -2.1% | — | — | |
| Q3 2012 | +1.7% | — | — | |
| Q2 2012 | -1.5% | — | — | |
| Q1 2011 | +3.0% | — | — | |
| Q1 2012 | +2.2% | — | — | |
| Q4 2009 | -5.6% | — | — | |
| Q2 2011 | -5.6% | — | — | |
| Q4 2011 | -5.6% | — | — | |
| Q3 2011 | -2.8% | — | — | |
| Q4 2010 | -2.8% | — | — | |
| Q3 2010 | -2.8% | — | — | |
| Q1 2010 | -0.7% | — | — |
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