HAVERTOWN, PA — AMREP Corporation (NYSE: AXR) reported sharply lower earnings for its fiscal second quarter, reflecting slower revenue and the uneven timing of real estate transactions in a business known for volatility.
The company said Thursday it earned $1,200,000, or $0.22 per diluted share, for the quarter ended October 31, 2025. That compares with net income of $4,042,000, or $0.75 per diluted share, in the same period a year earlier. Quarterly revenue declined to $9,398,000 from $11,906,000.
Results for the first half of fiscal 2026 also trailed the prior year. AMREP reported six-month net income of $5,892,000, or $1.09 per diluted share, down from $8,106,000, or $1.51 per diluted share, in the first six months of fiscal 2025. Revenue for the six-month period slipped to $27,250,000 from $30,997,000 a year earlier .
The company cautioned that its financial performance can fluctuate significantly from quarter to quarter, driven by the timing, type, and location of land and home sales. Management said prior results should not be viewed as a reliable indicator of future performance, a recurring theme for companies operating in land development and homebuilding.
AMREP, through its subsidiaries, is a major landholder, real estate developer, and homebuilder in New Mexico. The company said additional details on its financial performance are available in its Form 10-Q filing with the Securities and Exchange Commission.
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