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Sachem Capital (NYSE: SACH) advanced actions 2.8% in after-hours trading on Thursday, as a surge in lending operations by the real estate finance company led to stronger-than-expected 2022 earnings and revenue.
Full-year EPS of $0.46, beating analyst average estimate of $0.45, up from $0.44 in 2021. Revenue of $52.28 million, beating consensus of $49.7 million, was up from $30.42 million a year earlier.
The results reflected “the strength of our business and specifically our loan portfolio in a very challenging interest rate environment,” CEO John Villano said.
Total operating costs and expenses were $31.37 million compared to $17.11 million for the year ended December 31, 2021. The increase was primarily due to interest and amortization of deferred financing costs , which increased to $21.5 million from $10.4 million in 2021.
The company’s acquisition of Urbane New Haven “provides us with the ability to reduce the risks associated with distressed properties, as well as new sources of revenue to help ensure the highest level of planning oversight and diligence throughout the construction financing,” added Villano.
Conference call on March 31 at 8:00 am ET.
Previously, Sachem Capital GAAP EPS of $0.46 is up $0.01, revenue of $52.28M is up $2.58M.
