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JOE NYSE· The St. Joe Company
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JOE NYSE· The St. Joe Company
Earnings report Q4 2023

The St. Joe Company Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

The St. Joe Company reported total revenue of $389.3 million in the latest quarter. The breakdown of revenue by segment is as follows:

  • Real estate revenue: $186.0 million
  • Hospitality revenue: $152.4 million
  • Leasing revenue: $50.8 million

Strengths

The company experienced significant revenue growth in the latest quarter compared to the same period last year. Real estate revenue increased by $70.1 million, hospitality revenue increased by $77.2 million, and leasing revenue increased by $11.6 million. This growth can be attributed to the strong demand for residential, hospitality, and commercial properties in Northwest Florida, where the company operates. The management commented that the increase in revenue was driven by successful sales and leasing activities, as well as favorable market conditions.

Challenges

Despite the overall positive performance, the company faces challenges related to competition in the real estate industry. St. Joe competes with local, regional, and national real estate companies, some of which may have greater financial and marketing resources. This competition may adversely affect the company's ability to attract tenants for its properties or purchasers for its real estate assets.

Noteworthy

It is worth noting that St. Joe's operations are subject to seasonal fluctuations, which may impact its revenues and earnings. The company mentioned that homebuilders tend to buy multiple homesites in sporadic transactions, and homesite prices vary significantly by community, leading to variability in period-over-period results. Additionally, the company may choose to operate, lease, or sell its assets based on market conditions, which can affect the timing of revenue recognition.

Summary

The St. Joe Company reported strong revenue growth in the latest quarter, driven by increased real estate, hospitality, and leasing revenue. The company capitalized on favorable market conditions and successful sales and leasing activities. However, competition in the real estate industry poses challenges to the company's growth. Additionally, the company's operations are subject to seasonal fluctuations and variability in homesite prices, which may impact its financial performance. Overall, St. Joe's latest quarter performance reflects its ability to capitalize on market opportunities and navigate industry challenges.

Source documents

Form 10-K  filed on Feb 21, 2024
128 pages scanned

Reference data

Company financials Q4 revenue 86.7M
Analyst estimates Q4 EPS missed by NaN%
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