Shares of AMREP Corporation have fallen 10.5% since the company reported a sharp decline in net income for its fiscal fourth quarter ended April 30, 2026. Revenue slipped to $11 million from $11.2 million a year earlier, while net income dropped to $1.3 million from $3.9 million, and earnings per share fell to $0.24 from $0.73. For the full fiscal year, revenue rose 6.3% to $52.8 million, but net income declined 19.1% to $10.3 million, with diluted EPS down 19.4% to $1.91. The homebuilding segment drove growth, with home sale revenues up 35% to $28.7 million on 65 homes sold at an average price of $441,000, while land sale revenues fell 20% to $20.6 million as developed residential acreage sold declined to 16.8 acres from 28.6 acres. Management cited municipal approval delays, elevated construction costs, and higher mortgage rates as headwinds, and indicated that revenues from developed residential land sales are expected to decline in fiscal 2027.
AMREP CorporationSharp decline in Q4 net income and EPS, with full-year net income down 19.1%.