FRP Holdings, Inc. (NASDAQ:FRPH) Q3 2024 Earnings Conference Call November 6, 2024 4:00 PM ET

Company Participants

Matthew McNulty - Chief Financial Officer and Treasurer
David deVilliers III - Chief Operating Officer
John Baker III - Chief Executive Officer

Conference Call Participants

Operator

Good day, everyone, and welcome to today's FRP Holdings, Inc. Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode [Operator Instructions] Please note this call is being recorded. [Operator Instructions]

It is now my pleasure to turn the conference over to Matt McNulty, CFO of FRP.

Matthew McNulty

Thank you. Good afternoon. I am Matt McNulty, CFO of FRP Holdings, Inc.

With me today are John Baker III, our CEO; David deVilliers III, our COO; David deVilliers, Jr., our President; John Baker II, our Chairman; John Milton, our Executive Vice President and General Counsel; and John Klopfenstein, our Chief Accounting Officer.

First, a disclosure regarding forward-looking statements and non-GAAP measures used by the company. As a reminder, any statements on this call, which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. We have no obligation to revise or update any forward-looking statements except as imposed by law, as a result of future events or new information.

To supplement the presentation of our GAAP financial results, FRP presents certain non-GAAP financial measures within the meaning of the SEC's Regulation G. The non-GAAP financial measures referenced in this call are net operating income or NOI and pro rata NOI. FRP uses these non-GAAP financial measures to analyze its operations and to monitor, assess and identify meaningful trends in its operating and financial performance. This measure is not and should not be viewed as a substitute for GAAP financial measures. To reconcile NOI to GAAP net income, please refer to the segment titled Non-GAAP Financial Measures on pages 14 and 15 of our most recent earnings press release.

Now for certain financial highlights following our third quarter. Net income for the third quarter increased 8% to $1.4 million or $0.07 per share versus $1.3 million or $0.07 per share in the same period last year. For the first nine months, net income saw a 94% increase to $4.7 million or $0.25 per share versus $2.4 million or $0.13 per share for the first nine months of last year.