Cadre Holdings Inc. depends on government spending in its business of making safety products for law enforcement and first responders.
But when the Jacksonville-based company held its quarterly conference call Nov. 6, the day after the elections, CEO Warren Kanders said the results likely won’t affect its business.
“Historically, our financial results have not been significantly affected by economic, political, geopolitical and other cycles, and we expect this will continue to be the case,” Kanders said.
“As you all know, our largest market segment is law enforcement and over multiple decades, major domestic law enforcement budgets and police protection expenditures have grown despite financial and industrial recessions and a political climate that has oscillated,” he said.
“In recent years, defund the police has become refund the police and there is an expectation that regardless of which party is in office, there will be a commitment to public safety spending and ensuring those who protect and serve us are equipped with the safest and most reliable products.”
Cadre’s third-quarter earnings dropped 67% to $3.7 million, or 9 cents a share, with sales falling 13% to $109.4 million.
The company attributed the drop to a previously reported cybersecurity incident in July, which caused a temporary interruption of some operations.
Redwire Corp. continues to grow at a slower pace than it predicted when it went public in 2021, but the Jacksonville-based space technology company says its backlog of projects and bids will spur stronger revenue growth.
Redwire said third-quarter revenue rose 10% to $68.6 million and it is projecting full-year revenue of $310 million. That’s less than half the $766 million in revenue it projected for this year when it went public.
However, CEO Peter Cannito said in a Nov. 7 conference call that Redwire’s contracted backlog has increased 30% since last year to $330.1 million.
“The growth in contracted backlog is one of many factors that give us confidence in our growth as we look towards 2025 and beyond,” he said.
“We continue to expand our pipeline with an estimated $6.9 billion of identified opportunities, including approximately $2.9 billion in proposals submitted year-to-date as of September 30.”
Redwire’s stock had performed poorly since going public but it has rebounded strongly this year as investors become more optimistic about its growth, rising from $2.85 at the end of 2023 to a 52-week high of $10.50 on Nov. 11.
Proficient Auto Logistics Inc.’s revenue fell in its first full quarter of operations as a decline in new vehicle sales by U.S. automakers affected its business.
Jacksonville-based Proficient transports vehicles from manufacturers to dealers. It was formed by merging five companies shortly after its initial public offering in May.
Third-quarter revenue of $91.5 million was 12% lower than the five companies combined produced the previous year.
“The third-quarter backdrop was very weak and unanticipated,” CEO Rick O’Dell said in a Nov. 8 conference call.
“Proficient continued to advance foundational initiatives in spite of the environment to position our company to gain market share, provide enhanced value proposition and improve our efficiencies going forward,” he said.
Treace Medical Concepts Inc. said Nov. 5 its third-quarter revenue rose 11% to $45.1 million as the Ponte Vedra-based company continues to expand its line of surgical products to treat bunions and other foot issues.
“We’re pleased to report continued progress on our commercial strategy aimed at broadening our presence in the bunion market by further strengthening our product portfolio to address the evolving needs of both patients and surgeons,” CEO John Treace said in the company’s conference call.
“We are now excited to introduce unique technologies into the metatarsal osteotomy segment, currently estimated to represent 70% of the 450,000 annual bunion cases performed in the U.S.,” he said.
Treace Medical’s stock dropped sharply in May after the company lowered its revenue forecast for the full year.
The company slightly increased the lower end of its forecast range in its third-quarter report, saying it expects full-year revenue of $204 million to $211 million, which would be 9% to 13% higher than last year.
Fidelity National Financial Inc. reported increased revenue and earnings in the third quarter, despite still-high mortgage rates affecting its title insurance business.
Adjusted earnings rose 7% to $356 million, or $1.30 a share, with revenue rising 30% to $3.6 billion.
In Jacksonville-based Fidelity’s Nov. 7 conference call, CEO Mike Nolan said its title insurance business experienced normal seasonality for the first two months of the quarter but orders rose from August to September.
“This is atypical and due to a decline in rates, and we believe is indicative of the pent-up demand for housing,” he said.
Rayonier Advanced Materials Inc., or RYAM, reported a third-quarter loss of $33 million, which included two charges to earnings totaling $32 million.
Sales for the Jacksonville-based maker of cellulose specialties products rose 9% to $401 million.
“RYAM delivered another solid quarter of financial results as we continued to improve our product mix and manage operating costs. Demand for cellulose specialties has remained solid supporting the improved product mix and margins,” CEO De Lyle Bloomquist said in a Nov. 5 news release.
After the end of the quarter, an Oct. 11 fire at RYAM’s largest plant in Jesup, Georgia, disrupted operations.
RYAM said it expects the fire to impact earnings by about $10 million and require $3 million of maintenance capital.
Rayonier Inc. reported third-quarter adjusted earnings fell 6% to $18.1 million, or 12 cents a share, with revenue for the timber and real estate company falling 3% to $195 million.
“We delivered solid operational results in the third quarter, despite macroeconomic challenges that continue to adversely impact our timber businesses,” CEO Mark McHugh said in a Nov. 6 news release.
Rayonier also announced it completed or has pending four transactions to sell about 200,000 acres of timberland in Oklahoma and Washington state for $495 million.
Rayonier, headquartered in Wildlight in Nassau County, owned or leased 2.7 million acres of timber as of Sept. 30.
Rayonier and RYAM split into separate companies in 2014.
Jacksonville-based commercial real estate developer FRP Holdings Inc. reported third-quarter earnings rose 8% to $1.36 million, or 7 cents a share, with revenue rising slightly from $10.59 million the previous year to $10.63 million in the 2024 third quarter.
FRP has been focusing on industrial projects but that could change, CEO John Baker III said in a Nov. 6 conference call.
“Further interest rate cuts and stable construction costs make the prospect of multifamily development more palatable than it has been in some time,” he said.
“We will continue to monitor the fundamentals of that asset class but at least for now, the lion’s share of our development strategy remains focused on industrial.”