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BBX Capital, Inc. (BBXIA)·Q3 2024 Earnings Summary

Executive Summary

  • Q3 2024 posted continued losses with total consolidated revenues of $78.4M and diluted loss per share of ($0.74), reflecting year-over-year declines vs. Q3 2023 revenues of $103.3M and ($0.55) diluted loss per share .
  • Balance sheet remained solid: cash and cash equivalents of $93.4M, total assets of $642.1M, and shareholders’ equity of $278.1M; fully diluted book value per share was $19.39 .
  • Sequentially, revenues improved vs. Q2 2024 ($75.2M), but losses persisted; Q2 diluted loss per share was also ($0.74) .
  • No formal Q3 guidance or earnings call transcript was available; Street consensus (S&P Global) could not be retrieved at time of analysis, limiting beat/miss assessment .
  • Strategic context: the company restructured its real estate division under the Altman name and continues retail investments (IT’SUGAR pipeline) per the 10-Q, underpinning medium-term portfolio repositioning .

What Went Well and What Went Wrong

What Went Well

  • Sequential revenue uptick: Q3 revenue of $78.4M vs. $75.2M in Q2 indicates some stabilization quarter-over-quarter .
  • Maintained strong liquidity and equity base: $93.4M cash, $642.1M in assets, and $278.1M equity at quarter-end, supporting operating flexibility .
  • Portfolio restructuring: Real estate operations consolidated under “Altman,” sharpening brand alignment and potentially enhancing operating focus .

What Went Wrong

  • Persistent losses: Loss before income taxes widened to $(12.7)M and net loss attributable to shareholders to $(9.9)M vs. Q3 2023, signaling ongoing profitability challenges .
  • Year-over-year top-line decline: Q3 revenues fell to $78.4M from $103.3M (Q3 2023), reflecting broad pressure across holdings .
  • No guidance or call transcript: Lack of forward-looking metrics and an earnings call transcript limited clarity on near-term drivers and corrective actions .

Financial Results

Consolidated P&L Summary

MetricQ1 2024Q2 2024Q3 2024
Revenues ($USD Millions)$81.0 $75.2 $78.4
Loss Before Income Taxes ($USD Millions)$(15.4) $(12.2) $(12.7)
Net (Loss) Attributable to Shareholders ($USD Millions)$(13.0) $(10.0) $(9.9)
Diluted EPS ($)($0.94) ($0.74) ($0.74)

Notes: Q3 press release provided direct year-over-year comparisons for Q3 2023 (revenue $103.3M; diluted loss per share ($0.55)), evidencing declines .

Balance Sheet Snapshot

MetricQ1 2024Q2 2024Q3 2024
Cash and Cash Equivalents ($USD Millions)$108.2 $116.0 $93.4
Securities Available for Sale ($USD Millions)$30.6 $10.8 $8.3
Total Consolidated Assets ($USD Millions)$657.9 $645.7 $642.1
Total Shareholders’ Equity ($USD Millions)$299.3 $286.2 $278.1
Fully Diluted Book Value per Share ($)$20.20 $19.96 $19.39

Segment Overview (disclosure context)

  • Principal holdings: Altman (f/k/a BBX Capital Real Estate), BBX Sweet Holdings, and Renin; segment-level quantitative breakdowns were not included in the earnings releases .
  • Reorganization: BBX Capital Real Estate restructured under “Altman” in Q3 .

KPIs

  • Liquidity: $93.4M cash and cash equivalents (incl. $2.7M in VIEs) .
  • Equity cushion: $278.1M shareholders’ equity and $19.39 fully diluted book value per share .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueQ4 2024 / FY 2024None disclosed None disclosed Maintained N/A
MarginsQ4 2024 / FY 2024None disclosed None disclosed Maintained N/A
OpEx / OI&EQ4 2024 / FY 2024None disclosed None disclosed Maintained N/A
Tax RateQ4 2024 / FY 2024None disclosed None disclosed Maintained N/A
Segment-specific guidanceQ4 2024 / FY 2024None disclosed None disclosed Maintained N/A
DividendsQ4 2024 / FY 2024None disclosed None disclosed Maintained N/A

Note: The Q3 press release and 8-K did not include forward guidance metrics .

Earnings Call Themes & Trends

No public Q3 2024 earnings call transcript was available; themes below reference disclosures in filings and press releases.

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q1 2024)Current Period (Q3 2024)Trend
Real estate segment branding/restructuringNot referenced in release Not referenced in release Real estate division restructured under “Altman” Evolving (rebranding/organizational alignment)
IT’SUGAR store pipeline/capexNot detailed in release Not detailed in release Ongoing capital spending with landlord allowances noted; founder transition noted (Aug 2023) Ongoing investments
Liquidity postureStrong cash/equity levels presented Strong cash/equity levels presented Maintained strong liquidity; cash $93.4M, equity $278.1M Stable
Logistics developmentVenture to develop logistics park announced July 1, 2024 N/AContinues as part of Altman Logistics Properties strategy Ongoing development

Management Commentary

  • Portfolio alignment: BBX noted restructuring of its real estate division under the Altman name in Q3, signaling a focus on brand cohesion and operational alignment across real estate platforms .
  • Emphasis on liquidity and book value: Q3 release highlighted cash, assets, equity, and fully diluted book value per share, underscoring balance sheet resiliency amid operating losses .
  • IT’SUGAR investments: Continued evaluation of additional retail locations with landlord allowances for part of capex, indicating a growth pipeline with shared funding dynamics .

Important quotes: The Q3 2024 press release and 8‑K did not include direct management quotes, and no earnings call transcript was found .

Q&A Highlights

  • No Q3 earnings call transcript was available; therefore, no Q&A highlights or clarifications can be extracted [Search: none; Internet sources show no BBXIA transcript] .

Estimates Context

  • S&P Global consensus estimates (EPS, Revenue) for Q3 2024 were unavailable at time of analysis due to retrieval limits; therefore, a formal beat/miss assessment vs. Street is not provided [Attempted via S&P Global; request limit exceeded].
  • Implication: In absence of consensus, focus shifts to sequential and year-over-year trajectories from reported figures .

Key Takeaways for Investors

  • Revenues stabilized sequentially (+$3.2M vs. Q2), but profitability remained negative; monitor incremental improvements into Q4 .
  • Liquidity and equity remain strong, providing runway for ongoing retail investments and real estate development initiatives .
  • Organizational restructuring under Altman suggests a medium-term focus on real estate platform consolidation and potential efficiencies .
  • IT’SUGAR’s growth pipeline continues with landlord allowances offsetting capex; watch timing of store openings and capex phasing into 2025 .
  • Lack of formal guidance and no call transcript create near-term visibility challenges; traders should key off interim filings and press releases for catalysts .
  • Given persistent losses, attention should focus on segment-level margin recovery in future filings, as well as progress on logistics/development milestones announced in Q3 timeframe .
  • Without consensus benchmarks, updates to the medium-term thesis hinge on demonstrated improvement in operating results and evidence of ROI from retail and real estate initiatives .

Sources:

  • Q3 2024 Press Release and 8-K:
  • Q2 2024 Press Release and 8-K:
  • Q1 2024 Press Release and 8-K:
  • 10-Q and segmentation/restructuring:
  • IR press release index and Business Wire mirror:
  • Logistics venture press release (Q3 timeframe):