St. Joe reported strong Q2 2023 results, with an 88% increase in revenue to $128.1 million and a 104% increase in net income to $34.7 million. All segments contributed to the growth, with real estate leading the way with a 148% increase. The company also increased its quarterly dividend by 20%.
Total consolidated revenue increased by 88% to $128.1 million.
Net income attributable to the Company increased by 104% to $34.7 million, or $0.60 per share.
Real estate revenue increased by 148% to $69.3 million, driven by a 30% increase in homesite sales volume and a higher average base sales price.
Hospitality revenue increased by 52% to $45.1 million, benefiting from Watersound Club memberships and increased operational hotel rooms.
The company will continue to focus on long-term value creation by executing on its core business strategy which includes developing residential, hospitality and commercial ventures.
Visualization of income flow from segment revenue to net income
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