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Jun 30, 2024
St. Joe Q2 2024 Earnings Report
St. Joe's Q2 2024 performance was mixed, with hospitality and leasing growth offset by a decline in real estate revenue. The company focused on recurring revenue streams and increased the quarterly dividend by 17%.
Key Takeaways
St. Joe reported a decrease in total revenue by 13% to $111.6 million compared to Q2 2023, driven by a significant decrease in real estate revenue. However, hospitality revenue increased by 38%, and leasing revenue increased by 19%. Net income attributable to the Company decreased by 29% to $24.5 million, or $0.42 per share.
Hospitality revenue increased by 38%, reaching a new company quarterly record.
Leasing revenue increased by 19%, driven by additional commercial projects.
Real estate revenue decreased by 51% due to the timing and mix of sales.
The company increased the quarterly dividend by 17% to $0.14 per share.
St. Joe
St. Joe
St. Joe Revenue by Segment
Revenue by Segment
Real Estate Revenue
CapyFin.comHospitality Revenue
CapyFin.comLeasing Revenue
CapyFin.com Forward Guidance
The company did not provide specific forward guidance but emphasized its focus on creating long-term shareholder value through investments in recurring revenue streams and returning capital to shareholders.
Positive Outlook
- Continued focus on creating long-term shareholder value
- Emphasis on recurring revenue streams
- Commitment to distributing excess cash
- Growth in hospitality operations
- Solid housing demand in the region
Challenges Ahead
- Dependence on the timing of completion of development and product mix for homesite sales
- Potential impact of economic conditions and geopolitical conflicts
- Risks associated with real estate development and management
- Dependence on homebuilders and migration patterns
- Potential volatility of common stock
Revenue & Expenses
Visualization of income flow from segment revenue to net income