SACH - Sachem Capital posts earnings beat for 2022 on robust loan portfolio

2023-03-30 17:41:23 ET

Sachem Capital ( NYSE: SACH ) stock advanced 2.8% in Thursday after-hours trading as an increase in the real estate finance company's lending operations led to stronger-than-expected earnings and revenue for 2022.

Full-year EPS of $0.46 , exceeding the average analyst estimate of $0.45, rose from $0.44 in 2021. Revenue of $52.28M, topping the $49.7M consensus, ascended from $30.42M a year before.

The results reflected "strength of our business and specifically our loan portfolio in a very challenging interest rate environment," said CEO John Villano.

Total operating costs and expenses were $31.37M compared with $17.11M for the year ended Dec. 31, 2021. The increase was mostly driven by interest and amortization of deferred financing costs, which drove up to $21.5M from $10.4M in 2021.

The company's acquisition of Urbane New Haven "provides us the ability to reduce risks associated with distressed properties, as well as new income streams to help ensure the highest level of oversight and planning diligence on all construction financing," Villano added.

Conference call on March 31 at 8:00 a.m. ET.

Earlier, Sachem Capital GAAP EPS of $0.46 beats by $0.01, revenue of $52.28M beats by $2.58M .

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