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St. Joe
🇺🇸 NYSE:JOE
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OverviewEarningsDividends
•
Jun 30, 2023

St. Joe Q2 2023 Earnings Report

St. Joe's Q2 2023 performance was marked by substantial growth across all segments. Revenue and net income saw significant increases, driven by real estate, hospitality, and leasing sectors. Strategic investments and joint ventures contributed to overall success.

Key Takeaways

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.

Total Revenue
$128M
Previous year: $68.2M
+87.8%
EPS
$0.6
Previous year: $0.29
+106.9%
Residential Homesites Sold
300
Previous year: 231
+29.9%
Gross Profit
$55.5M
Previous year: $29.6M
+87.7%
Cash and Equivalents
$60.6M
Previous year: $21.8M
+178.1%
Free Cash Flow
$32.8M
Previous year: $7.84M
+318.5%
Total Assets
$1.52B
Previous year: $1.32B
+15.3%

St. Joe

St. Joe

St. Joe Revenue by Segment

Forward Guidance

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.

Positive Outlook

  • The company owns nearly 170,000 acres in Florida.
  • The company has 'as of right' entitlements to develop over 170,000 residential units and tens of millions of square feet of commercial space.
  • The company has proven that it can grow recurring profits by efficiently developing, leasing, and operating real estate assets rather than just selling land.
  • The biggest driver to housing demand in our region is the net migration that is occurring from a wider range of geographies where individuals and families are looking for a high quality of life, safety, security, natural beauty, and great schools.
  • More vacationers are discovering our area as demonstrated by the 52% growth in hospitality revenue.

Challenges Ahead

  • New or increased competition across our business units.
  • Any decline in general economic conditions, particularly in our primary markets.
  • Interest rate fluctuations.
  • Supply chain disruptions.
  • Inflation.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View St. Joe