Shares of The St. Joe Company (JOE - Free Report) have gained about 5.3% following the release of third-quarter 2018 resultson Oct 31. Net income per share of 9 cents was reported, which outpaced the Zacks Consensus Estimate of 5 cents. Notably, the figure compares favorably with 8 cents reported in the year-ago quarter.
Total revenues for the quarter came in at $23.7 million compared with $33.9 million recorded a year ago. This decline was attributed to lower real-estate revenues and resorts and leisure business revenues.
However, the quarter witnessed a slight rise in leasing revenues.
The company’s total expenses for the quarter declined 25% from the prior-year quarter to $21.8 million.
Behind the Headline Numbers
In the reported quarter, real-estate revenues came in at $6.2 million, down from $10.7 million a year ago. Timber revenues were $1.8 million, below $2 million generated in the prior-year quarter.
Further, leasing revenues came in at $3.1 million, up from the year-ago figure of $3 million. St. Joe owned around 808,000 square feet of rentable commercial space, which was 89% leased as of Sep 30, 2018.
Nevertheless, resorts and leisure revenues came in at $12.6 million in the quarter, down from $18.2 million posted in the year-earlier quarter.
Liquidity
St. Joe exited the third quarter with cash, cash equivalents and investments of $249.2 million, down from $303.4 million as of Dec 31, 2017.
Conclusion
St. Joe’s strategy to expand its resorts and leisure businesses augurs well for long-term growth. Such efforts to achieve an optimal portfolio mix will likely help the company bolster revenues and provide a more stable source of earnings. Further, its continued efforts to enhance leasing portfolio enabled it to record encouraging growth in the leasing segment.
Nonetheless, inconsistent revenue performance in a number of segments leads to volatility in the top line. Moreover, regional business concentration remains a concern.
St. Joe Company (The) Price, Consensus and EPS Surprise
St. Joe currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We now look forward to the earnings releases of BBX Capital Corporation , The Howard Hughes Corporation and Marcus & Millichap, Inc. (MMI - Free Report) . BBX Capital is set to release its quarterly figures on Nov 6 while Howard Hughes is slated to report earnings on Nov 5. Marcus & Millichap will be reporting numbers on Nov 7.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Shares of The St. Joe Company (JOE - Free Report) have gained about 5.3% following the release of third-quarter 2018 resultson Oct 31. Net income per share of 9 cents was reported, which outpaced the Zacks Consensus Estimate of 5 cents. Notably, the figure compares favorably with 8 cents reported in the year-ago quarter.
Total revenues for the quarter came in at $23.7 million compared with $33.9 million recorded a year ago. This decline was attributed to lower real-estate revenues and resorts and leisure business revenues.
However, the quarter witnessed a slight rise in leasing revenues.
The company’s total expenses for the quarter declined 25% from the prior-year quarter to $21.8 million.
Behind the Headline Numbers
In the reported quarter, real-estate revenues came in at $6.2 million, down from $10.7 million a year ago. Timber revenues were $1.8 million, below $2 million generated in the prior-year quarter.
Further, leasing revenues came in at $3.1 million, up from the year-ago figure of $3 million. St. Joe owned around 808,000 square feet of rentable commercial space, which was 89% leased as of Sep 30, 2018.
Nevertheless, resorts and leisure revenues came in at $12.6 million in the quarter, down from $18.2 million posted in the year-earlier quarter.
Liquidity
St. Joe exited the third quarter with cash, cash equivalents and investments of $249.2 million, down from $303.4 million as of Dec 31, 2017.
Conclusion
St. Joe’s strategy to expand its resorts and leisure businesses augurs well for long-term growth. Such efforts to achieve an optimal portfolio mix will likely help the company bolster revenues and provide a more stable source of earnings. Further, its continued efforts to enhance leasing portfolio enabled it to record encouraging growth in the leasing segment.
Nonetheless, inconsistent revenue performance in a number of segments leads to volatility in the top line. Moreover, regional business concentration remains a concern.
St. Joe Company (The) Price, Consensus and EPS Surprise
St. Joe currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We now look forward to the earnings releases of BBX Capital Corporation , The Howard Hughes Corporation and Marcus & Millichap, Inc. (MMI - Free Report) . BBX Capital is set to release its quarterly figures on Nov 6 while Howard Hughes is slated to report earnings on Nov 5. Marcus & Millichap will be reporting numbers on Nov 7.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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