Misc The St. Joe Company Reports Third Quarter 2017 Results

Discussion in 'Real Estate' started by kurt, Nov 3, 2017.

  1. kurt

    kurt Admin Staff Member

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    The St. Joe Company (NYSE: JOE) (the "Company") today announced Net Income for the third quarter of 2017 of $5.9 million, or $0.08 per share, compared with Net Income of $2.7 million, or $0.04 per share, for the third quarter of 2016. For the nine months ended September 30, 2017, the Company reported Net Income of $21.0 million, or $0.29 per share, compared to Net Income of $13.2 million, or $0.18 per share, for the same period last year.

    Third Quarter highlights include:

    • Total revenue for the quarter was $33.6 million as compared to $27.2 million in the third quarter of 2016 due to increases in real estate revenue, leasing revenue and timber revenue, partially offset by a decrease in resorts and leisure revenue.
    • Real estate revenue increased to $10.7 million in the third quarter of 2017 as compared to $4.2 million in the third quarter of 2016. Real estate revenue in the third quarter of 2017 included $9.4 million in residential real estate revenue, $0.4 million in commercial real estate revenue and $0.9 million in rural land revenue. The third quarter of 2016 consisted of $3.1 million in residential real estate revenue, $0.6 in commercial real estate revenue and $0.5 million in rural land revenue. Income before income taxes for the three months ended September 30, 2017 for the Company's residential real estate segment increased by $1.6 million as compared to the three months ended September 30, 2016. The Company continues to invest in the development of additional residential lots in the WaterSound Origins and Breakfast Pointcommunities, which management believes have the potential for long-term, scalable and repeatable revenue.
    • Resorts and leisure revenue decreased in the third quarter of 2017 to $18.2 million as compared to $19.0 million in the third quarter of 2016. The decrease during the third quarter of 2017 as compared to the same period in 2016 was primarily related to lower vacation rental inventory, partially offset by revenue increases from St. Joe Club & Resorts, the Company's private membership club. Although resort and leisure revenue decreased 4.2% for the quarter, income before income taxes increased by $0.5 million compared to the third quarter of 2016 due to improved operating efficiency and cost management.


    • Leasing revenue increased by approximately $0.1 million in the third quarter of 2017 as compared to the third quarter of 2016. The increase represents an eleventh consecutive quarter of increased revenue in the leasing segment as compared to the same quarter in the previous year. As of September 30, 2017, the Company's leasing portfolio consisted of approximately 675,000 square feet of rentable space, which was 85% leased, an increase in rentable space of approximately 73,000 square feet since December 2016.
    • As of September 30, 2017, the Company had cash, cash equivalents and investments of $312.0 million as compared to $416.8 million as ofDecember 31, 2016 after spending a total of $34.5 million on operating and development properties and $136.0 million on share repurchases. During the nine months ended September 30, 2017, the Company repurchased a total of 7,811,937 shares of its common stock. As ofSeptember 30, 2017, the Company had approximately 66.5 million shares of its common stock outstanding.
    • Other operating and corporate expenses declined by $0.2 million in the third quarter of 2017 as compared to the same time last year. The Company continues its focus on a cost discipline to support bottom line performance.
    Jorge Gonzalez, the Company's President and Chief Executive Officer, said, "We believe our third quarter and year-to-date results reflect that our business strategy to increase both recurring revenue and investments in our real estate produced improved results." Mr. Gonzalez added, "We are pleased with our current progress as we continue to build on the fundamentals and strengths of the Company's assets and its people."
     
  2. coondog

    coondog Beach Lover

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    DIJA is up nearly 19% for the year, S & P is up nearly 18% for the year and NASDAQ is up nearly 25% for the year. DIJA has set 56 all time highs this year.

    JOE stock is down over 6% this year, and trades much closer to their 52 week low, than their 52 week high.

    What does this tell you about their management?
     

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