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Sep 30, 2021
St. Joe Q3 2021 Earnings Report
St. Joe's Q3 2021 earnings increased, driven by revenue growth across all segments.
Key Takeaways
St. Joe Company reported a strong third quarter in 2021, with revenue up 28% to $53.9 million compared to $42.0 million in the third quarter of 2020. Net income increased by 94% to $15.2 million, or $0.26 per share. The company saw revenue growth in leasing, hospitality, and real estate.
Total revenue increased by 28% compared to Q3 2020.
Net income increased by 94% compared to Q3 2020.
Leasing revenue increased by 44% due to project completions.
Hospitality revenue increased by 31% due to membership growth and visitor activity.
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 is focused on long-term growth potential and building recurring revenue through hospitality and commercial segments. They are expanding operational assets and managing costs to maintain efficiency.
Positive Outlook
- Company's revenue exceeded the total revenue for all of 2020 through the first nine months of 2021.
- Hospitality and commercial segments generated $90.8 million of revenue in the first nine months of 2021, a 47% increase.
- 665 additional apartment and senior living units and 677 additional hotel rooms are currently under construction.
- Club membership growth is accelerating, with 207 new members added in Q3 2021.
- Recurring club revenue increased by 21% compared to the same period in 2020.
Challenges Ahead
- Potential impacts of the ongoing COVID-19 pandemic.
- Dependence on strong migration and population expansion in Northwest Florida.
- Volatility in the consistency and pace of residential real estate sales.
- Downturns in real estate markets in Florida or across the nation.
- Potential limitations on the ability to declare dividends at expected rates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income