St. Joe Q2 2020 Earnings Report
Key Takeaways
St. Joe Company reported a 2% increase in total revenue to $36.1 million for Q2 2020, driven by growth in real estate, leasing, and timber revenues, which offset a decline in hospitality revenue. Net income surged by 85% to $19.2 million, or $0.33 per share, primarily due to an after-tax gain from land transfer. The company saw positive momentum across operating segments, with residential homesite sales, new commercial leases, and club memberships contributing to the overall growth.
Total revenue increased by 2% to $36.1 million, driven by real estate, leasing and timber revenues.
Net income increased by 85% to $19.2 million, or $0.33 per share, including an $11.6 million after-tax gain from land transfer.
Real estate revenue increased by 14% to $17.6 million, with an average revenue per homesite of $86,000.
Leasing revenue increased by 32% due to rising apartment leasing revenue and higher lease rates.
St. Joe
St. Joe
St. Joe Revenue by Segment
Forward Guidance
The company expects additional assets under construction to be reflected in their bottom-line performance, while continuing to manage fixed corporate expenses.