St. Joe Q2 2024 Earnings Report
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
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