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Shares of Maui Land & Pineapple Company, Inc. MLP have gained 2.2% since reporting first-quarter 2025 results. This compares with the S&P 500 index’s 0.8% growth over the same period. However, over the past month, the stock has underperformed broader market benchmarks, rising just 1.4% compared with the S&P 500’s 12.7% rally.
Revenue & Earnings Performance
For the three months ended March 31, 2025, Maui Land & Pineapple reported a 134% year-over-year upsurge in operating revenues to $5.8 million from $2.5 million in the year-ago quarter. This surge was driven by the commencement of revenues from the Honokeana Homes Relief Housing Project and continued momentum in leasing operations. Land development and sales revenues totaled $2.3 million, primarily attributable to this state-supported initiative, whereas leasing revenues rose 45% to $3.2 million, reflecting improved commercial occupancy and market-rate lease conversions.
Despite the sharp increase in revenues, the company reported a net GAAP loss of $8.6 million, or 44 cents per share, compared with a loss of $1.4 million, or 7 cents per share, in the same quarter last year. This deterioration was primarily due to $6.8 million in non-cash expenses related to the company’s pension plan termination, along with elevated stock-based compensation costs and higher general and administrative expenses.
Maui Land & Pineapple Company, Inc. Price, Consensus and EPS Surprise
Maui Land & Pineapple Company, Inc. price-consensus-eps-surprise-chart | Maui Land & Pineapple Company, Inc. Quote
Operational Highlights & Segment Metrics
Leasing Activities: Leasing revenues climbed 45% year over year, supported by strategic efforts to revitalize Maui Land & Pineapple’s commercial portfolio. Higher occupancy rates in industrial, office and retail spaces within the Kapalua Resort, Haliimaile Town and Alaeloa Business Park contributed significantly. The company also expanded agricultural land leases on previously dormant cropland. Operating income from the leasing segment improved to $1.9 million from $1.2 million a year earlier.
Land Development & Sales: Revenues in this segment stemmed exclusively from construction reimbursements under the Honokeana Homes project, a wildfire recovery initiative. While no land was sold in the quarter, $2.3 million was spent on project improvements. The company clarified that this initiative does not generate direct profit, as it is administered on a cost-recovery basis.
Resort Amenities: The Kapalua Club, which offers membership-based access to resort facilities, recorded a modest 7% increase in revenues to $287,000. However, operating losses widened due to a rise in contracted fees and one-time bad debt expenses.