St. Joe's shares surge on 3Q earnings

Revenue grows twofold on stronger timber and real estate sales, returning St. Joe to 3Q profit

Associated Press

WATERSOUND, Fla. (AP) -- The St. Joe Co. returned to a profit in the third quarter, as improved real estate and timber sales more than doubled revenue for the Florida real estate developer.

The results sent the company's shares up nearly 3 percent in after-hours trading on Thursday.

St. Joe reported net income of $15.3 million, or 17 cents per share, for the three months ended Sept. 30. That compares with a loss of $2.4 million, or 3 cents per share, in the same quarter last year.

Revenue vaulted to $55.9 million from $26.7 million a year earlier, aided by two rural land sales totaling $18.3 million.

The company, which builds homes, sells timber and runs resorts, saw improvement across all of its business segments.

It sold 58 homes, up from 40 a year ago, amid increased demand. Higher prices, particularly in the company's resort communities, helped to more than double revenue from residential real estate sales.

Tons of timber sold increased 13 percent, as St. Joe opened more of its land holdings to timber harvesting.

St. Joe's resorts and clubs business revenue increased 9 percent, due to a strong summer vacation season, the company said.

Shares ended regular trading up 10 cents to $19.90. The stock gained 59 cents to $20.49 in extended trading.

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