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Sep 30, 2022
St. Joe Q3 2022 Earnings Report
St. Joe's Q3 2022 earnings decreased due to decreased real estate revenue and a one-time payment received in 2021, while hospitality and leasing revenues grew.
Key Takeaways
St. Joe Company reported a 7% increase in quarterly revenue to $57.6 million, driven by strong growth in leasing and hospitality. However, net income decreased by 18% to $12.4 million due to a decline in real estate revenue and a one-time payment received in the previous year. The company declared a quarterly dividend of $0.10 per share.
Total revenue increased by 7% year-over-year to $57.6 million.
Leasing revenue increased by 42% and hospitality revenue increased by 30%.
Real estate revenue decreased by 26% due to timing of homesite closings.
Net income attributable to the Company decreased by 18% to $12.4 million.
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 expects increased activity in its unconsolidated joint ventures and anticipates completion of multi-family, senior living units, and hotel rooms in 2023. However, supply chain disruptions have delayed homesite and home deliveries and increased construction costs.
Positive Outlook
- Expect activity in unconsolidated joint ventures to continue to increase.
- Home delivery volume increases in the Latitude Margaritaville Watersound community.
- Construction completes at the Watersound Fountains Independent Living.
- Construction completes at the new Residence Inn by Marriott hotel.
- Company maintains a fortress-like balance sheet
Challenges Ahead
- Supply chain disruptions have delayed homesite and home deliveries by a few months.
- Construction costs have increased.
- Potential negative impact of longer-term property development strategy, including losses and negative cash flows for an extended period of time if we continue with the self-development of granted entitlements.
- Reductions in travel and other risks inherent to the hospitality industry.
- The financial condition of commercial tenants
Revenue & Expenses
Visualization of income flow from segment revenue to net income