St. Joe Q1 revenue up 12% to $73M; net income falls to $10.4M on pre-opening costs

ST JOE Co

2023-Q1 EPS reported $0.18 revenue$72,991,000

Revenue $73.0M (+12% YoY); hospitality +50% to $24.5M, leasing +34% to $11.8M, real estate -5% to $35.0M.
Net income attributable to Company $10.4M ($0.18/sh) vs $13.4M ($0.23/sh) in Q1 2022; pre-opening expenses $2.4M for new hotels.
Homesite closings surged 81% to 327; average price $62K (excluding 100 SouthWood lots, ~$80K).
Board declared $0.10 quarterly dividend, payable June 15, 2023 to holders of record May 17.
Unconsolidated JV Latitude Margaritaville Watersound: 149 home sales in Q1, 679 homes under contract valued at $337.8M.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ST JOE Co reported the quarter ended March 31, 2023 results: revenue $73.0 million, net income $10.4 million, EPS $0.18 per share.

Period: the quarter ended March 31, 2023
Revenue: $73.0 million
Net income: $10.4 million
EPS: $0.18 per share
Result: reported results

Exact text from the filing

Revenue for the first quarter of 2023 increased by 12% to $73.0 million, compared to $64.9 million for the first quarter of 2022. Hospitality revenue increased by 50% to $24.5 million and leasing revenue increased by 34% to $11.8 million, while real estate revenue decreased by 5% to $35.0 million. Operating revenue from hospitality and leasing accounted for 50% of the Company’s revenue for the three months ended March 31, 2023, as compared to 39% for the same period in 2022. Net income attributable to the Company for the first quarter of 2023 decreased to $10.4 million, or $0.18 per share, compared to net income of $13.4 million, or $0.23 per share, for the same period in 2022, partially due to increased pre-opening costs of $2.4 million incurred in the first quarter of 2023 for the new hotel properties planned to open within the first half of 2023.

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Source: SEC EDGAR

accession 0001157523-23-000621

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