The St. Joe Co (JOE) Reports Significant Growth in Q3 2023 Earnings
Net income attributable to The St. Joe Co (NYSE:JOE) increased by 57% to $19.4 million in Q3 2023 from $12.4 million in Q3 2022.
Revenue for Q3 2023 rose by 76% to $101.4 million from $57.6 million in the same period last year.
Real estate revenue and hospitality revenue saw significant increases of 131% and 63% respectively.
The company declared a quarterly dividend of $0.12.
On October 25, 2023, The St. Joe Co (NYSE:JOE) released its earnings report for the third quarter and first nine months of 2023. The company reported a 57% increase in net income and a 76% rise in revenue compared to the same period in 2022. The company's President and CEO, Jorge Gonzalez, attributed the growth to solid organic growth across all segments without any meaningful one-time events.
Financial Highlights
The St. Joe Co (NYSE:JOE) reported a 57% increase in net income attributable to the company, rising to $19.4 million in Q3 2023 from $12.4 million in Q3 2022. The company's revenue for the quarter also saw a significant increase, rising by 76% to $101.4 million from $57.6 million in the same period last year.
Real estate revenue saw a substantial increase of 131% to $39.9 million from $17.3 million. Hospitality revenue also increased by 63% to a quarterly record of $47.4 million from $29.0 million. Leasing revenue increased by 30% to $13.1 million from $10.1 million. The company also reported that the 1,082,000 net rentable square feet were 96% leased as of September 30, 2023.
CEO Commentary
We continued to show solid organic growth in the quarter across each of our segments without any meaningful one-time events. We increased revenue in the third quarter of 2023 by 76% and net income attributable to the Company by 57%. Our real estate revenue grew by 131%, our hospitality revenue grew by 63% and our leasing revenue grew by 30%. The increase in net income attributable to the Company is despite an increase from $5.8 million to $10.7 million for the third quarter of 2023 in non-cash depreciation expense as a result of placing more operating assets into service. - Jorge Gonzalez, President and CEO of The St. Joe Co (NYSE:JOE)
Future Outlook
The St. Joe Co (NYSE:JOE) remains optimistic about its future performance, citing strong migration into their area, the relative limited homesite supply, and the number of cash buyers as factors that have allowed for growth in their residential segment. The company also highlighted the net migration from a wider range of geographies where individuals and families are looking for a high quality of life, safety, security, natural beauty, and great schools as a significant driver of housing demand in their region.
Dividend Declaration
The St. Joe Co (NYSE:JOE) declared a quarterly dividend of $0.12 per share on the companys common stock, payable on December 8, 2023, to shareholders of record as of the close of business on November 9, 2023.
Explore the complete 8-K earnings release (here) from The St. Joe Co for further details.
This article first appeared on GuruFocus.
