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St. Joe (JOE) Posts Adjusted Loss in Q4, Revenues Rise Y/Y
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The St. Joe Company (JOE - Free Report) reported fourth-quarter 2017 adjusted loss per share of 8 cents, deteriorating from earnings of 4 cents in the prior-year quarter. Results excluded net gain of $9.8 million from the sale of short-term vacation-rental management business and the one-time credit of $33.5 million related to the Tax act.
After considering the above-mentioned gains, net income for the quarter came in at $38.5 million or 58 cents per share.
Total revenues for the quarter came in at $21.5 million compared with $18.7 million recorded in the year-ago period. This upswing was driven by higher leasing revenues, timber revenues and real estate revenues. However, the quarter witnessed a slight decline in the resorts and leisure business revenues.
The company’s total expenses for the quarter escalated 19.2% from the prior-year quarter to $23.4 million.
For full-year 2017, the company came up with net income per share of 84 cents, comparing favorably with 21 cents recorded in the prior year. Revenues totaled $98.8 million, up 3.2% year over year; while expenses also witnessed a rise of 2.9% from the comparable period last year to $96.5 million.
Behind the Headline Numbers
In the reported quarter, real estate revenues came in at $8.3 million, up from $5.4 million recorded in the comparable period last year. Timber revenues were $1.3 million, increasing from $1.2 million recorded in the prior-year quarter.
Further, leasing revenues for the fourth quarter came in at $2.7 million, up from the year-ago quarter figure of $2.4 million. St. Joe’s owned around 814,000 square feet of rentable commercial space, which was 87% leased as of Dec 31, 2017.
Nevertheless, resorts and leisure revenues came in at $9.2 million in the reported quarter, down from $9.7 million posted in the year-ago period.
Liquidity
St. Joe exited fourth-quarter 2017 with cash, cash equivalents and investments of $303.4 million, down from $416.8 million as of Dec 31, 2016.
In Conclusion
St. Joe’s strategy to expand its resorts and leisure businesses bodes well for long-term growth. Such efforts, to achieve an optimal portfolio mix, will likely help the company bolster its revenues and provide a more stable source of earnings. Further, the company’s continued efforts, to enhance its leasing portfolio, have enabled it to record encouraging growth in this segment.
Nonetheless, inconsistent revenue performance in a number of segments renders volatility to the company’s top line. Further, regional business concentration remains a concern.
St. Joe Company (The) Price, Consensus and EPS Surprise
A few better-ranked stocks from the real estate space include CBRE Group, Inc. , FirstService Corp. (FSV - Free Report) and HFF, Inc. (HF - Free Report) .
HFF’s earnings per share estimates for 2018 have been revised 10.9% upward to $2.35 over the past month. The stock has gained 4.7% during the past three months. It sports a Zacks Rank of 1.
CBRE Group’s Zacks Consensus Estimates for 2018 earnings per share have been revised 4.2% upward to $2.98 over the past month. Also, it carries a Zacks Rank #2 (Buy). The company’s share price has risen 7% in three months’ time.
FirstService Corporation’s earnings per share estimates for the current year have inched up 11.8% to $2.65 in a month’s time. Its shares have gained 1.6% over the past three months. The stock has a Zacks Rank of 2.
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Image: Bigstock
St. Joe (JOE) Posts Adjusted Loss in Q4, Revenues Rise Y/Y
The St. Joe Company (JOE - Free Report) reported fourth-quarter 2017 adjusted loss per share of 8 cents, deteriorating from earnings of 4 cents in the prior-year quarter. Results excluded net gain of $9.8 million from the sale of short-term vacation-rental management business and the one-time credit of $33.5 million related to the Tax act.
After considering the above-mentioned gains, net income for the quarter came in at $38.5 million or 58 cents per share.
Total revenues for the quarter came in at $21.5 million compared with $18.7 million recorded in the year-ago period. This upswing was driven by higher leasing revenues, timber revenues and real estate revenues. However, the quarter witnessed a slight decline in the resorts and leisure business revenues.
The company’s total expenses for the quarter escalated 19.2% from the prior-year quarter to $23.4 million.
For full-year 2017, the company came up with net income per share of 84 cents, comparing favorably with 21 cents recorded in the prior year. Revenues totaled $98.8 million, up 3.2% year over year; while expenses also witnessed a rise of 2.9% from the comparable period last year to $96.5 million.
Behind the Headline Numbers
In the reported quarter, real estate revenues came in at $8.3 million, up from $5.4 million recorded in the comparable period last year. Timber revenues were $1.3 million, increasing from $1.2 million recorded in the prior-year quarter.
Further, leasing revenues for the fourth quarter came in at $2.7 million, up from the year-ago quarter figure of $2.4 million. St. Joe’s owned around 814,000 square feet of rentable commercial space, which was 87% leased as of Dec 31, 2017.
Nevertheless, resorts and leisure revenues came in at $9.2 million in the reported quarter, down from $9.7 million posted in the year-ago period.
Liquidity
St. Joe exited fourth-quarter 2017 with cash, cash equivalents and investments of $303.4 million, down from $416.8 million as of Dec 31, 2016.
In Conclusion
St. Joe’s strategy to expand its resorts and leisure businesses bodes well for long-term growth. Such efforts, to achieve an optimal portfolio mix, will likely help the company bolster its revenues and provide a more stable source of earnings. Further, the company’s continued efforts, to enhance its leasing portfolio, have enabled it to record encouraging growth in this segment.
Nonetheless, inconsistent revenue performance in a number of segments renders volatility to the company’s top line. Further, regional business concentration remains a concern.
St. Joe Company (The) Price, Consensus and EPS Surprise
St. Joe Company (The) Price, Consensus and EPS Surprise | St. Joe Company (The) Quote
St. Joe currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks Worth A Look
A few better-ranked stocks from the real estate space include CBRE Group, Inc. , FirstService Corp. (FSV - Free Report) and HFF, Inc. (HF - Free Report) .
HFF’s earnings per share estimates for 2018 have been revised 10.9% upward to $2.35 over the past month. The stock has gained 4.7% during the past three months. It sports a Zacks Rank of 1.
CBRE Group’s Zacks Consensus Estimates for 2018 earnings per share have been revised 4.2% upward to $2.98 over the past month. Also, it carries a Zacks Rank #2 (Buy). The company’s share price has risen 7% in three months’ time.
FirstService Corporation’s earnings per share estimates for the current year have inched up 11.8% to $2.65 in a month’s time. Its shares have gained 1.6% over the past three months. The stock has a Zacks Rank of 2.
Don’t Even Think About Buying Bitcoin Until You Read This
The most popular cryptocurrency skyrocketed last year, giving some investors the chance to bank 20X returns or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more 3 times in 2017.
Zacks has just released a new Special Report to help readers capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 4 crypto-related stocks now >>