Real estate developer St Joe Q3 net income surges on higher homesite prices

Reuters
10/30
Real estate developer St Joe Q3 net income surges on higher homesite prices

Overview

  • St Joe Q3 net income rises 130% yr/yr to $38.7 mln

  • Company Q3 revenue grows 63% yr/yr to $161.1 mln

  • Real estate revenue jumps 199% in Q3, driven by higher homesite prices

Outlook

  • Company did not provide specific future financial guidance in its press release

Result Drivers

  • REAL ESTATE GROWTH - Real estate revenue surged 199% due to higher homesite prices and increased gross margins

  • WATERCREST SALE - Sale of Watercrest senior living community contributed $19.4 mln in gross profit

  • HOSPITALITY AND LEASING RECORDS - Hospitality revenue increased by 9% to a record $60.6 mln; leasing revenue rose 7% to a record $16.7 mln

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Real Estate Revenue

$83.80 mln

Q3 Net Income

$40.20 mln

Press Release: ID:nBw8tMSH9a

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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