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St Joe Q3 revenue falls due to prior-year property sale impact

By Reuters News


Overview

  • Florida real estate developer's Q3 revenue fell 3% yr/yr due to prior-year property sale impact

  • Company raised quarterly dividend by 13% and repurchased $27.2 mln of its stock in Q3


Outlook

  • Company did not provide specific financial guidance for upcoming quarters or full year in its press release


Result Drivers

  • HOSPITALITY GROWTH - Hospitality revenue rose 9% yr/yr to a Q3 record, driven by higher hotel and club revenue and improved gross margins, per CEO Jorge Gonzalez

  • REAL ESTATE SALES MIX - Real estate revenue declined due to absence of prior-year $41 mln Watercrest property sale, partially offset by $31.4 mln land sale to Latitude Margaritaville Watersound joint venture

  • LEASING REVENUE DECLINE - Leasing revenue fell 16% yr/yr, mainly due to the sale of operating properties including WindMark Beach Town Center


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Real Estate Revenue

$76.1 mln

Q3 Net Income

$37 mln


Reuters Recommended Reads

  • Oct 27 - American Assets Trust Q3 FFO rises on higher rental rates; lifts outlook

  • Oct 27 - BXP Q3 revenue rises on property sale gains; raises 2026 EPS, FFO guidance

  • Oct 27 - WP Carey Q3 revenue beats estimates, raises annual AFFO forecast on strong investment activity


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