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St. Joe (JOE) Q2 Earnings Beat Estimates, Revenues Increase
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The St. Joe Company (JOE - Free Report) reported second-quarter 2018 net income per share of 12 cents, outpacing the Zacks Consensus Estimate of 5 cents. Notably, the figure excludes a pre-tax benefit of $23.1 million from the RiverTown real estate sale in 2014.
Total revenues for the quarter came in at $50.4 million compared with $30.6 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 18% from the prior-year quarter to $21.1 million.
Behind the Headline Numbers
In the reported quarter, real-estate revenues came in at $32.1 million, up from $7.2 million recorded in the comparable period last year. Timber revenues were $1.9 million, up from $1.3 million posted in the prior-year quarter.
Further, leasing revenues for the quarter under review came in at $3.1 million, up from the year-ago figure of $2.8 million. St. Joe owned around 809,000 square feet of rentable commercial space, which was 89% leased as of Jun 30, 2018.
Nevertheless, resorts and leisure revenues came in at $13.3 million in the quarter, down from $19.3 million posted in the year-earlier period.
Liquidity
St. Joe exited second-quarter 2018 with cash, cash equivalents and investments of $268.1 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 the company’s leasing portfolio enabled it to record encouraging growth in the leasing segment.
Nonetheless, inconsistent revenue performance in a number of segments renders volatility to the company’s top line. Moreover, regional business concentration remains a concern.
St. Joe Company (The) Price, Consensus and EPS Surprise
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 and Howard Hughes are set to release their quarterly figures on Aug 6, while Marcus & Millichap is slated to report earnings on Aug 7.
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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.
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St. Joe (JOE) Q2 Earnings Beat Estimates, Revenues Increase
The St. Joe Company (JOE - Free Report) reported second-quarter 2018 net income per share of 12 cents, outpacing the Zacks Consensus Estimate of 5 cents. Notably, the figure excludes a pre-tax benefit of $23.1 million from the RiverTown real estate sale in 2014.
Total revenues for the quarter came in at $50.4 million compared with $30.6 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 18% from the prior-year quarter to $21.1 million.
Behind the Headline Numbers
In the reported quarter, real-estate revenues came in at $32.1 million, up from $7.2 million recorded in the comparable period last year. Timber revenues were $1.9 million, up from $1.3 million posted in the prior-year quarter.
Further, leasing revenues for the quarter under review came in at $3.1 million, up from the year-ago figure of $2.8 million. St. Joe owned around 809,000 square feet of rentable commercial space, which was 89% leased as of Jun 30, 2018.
Nevertheless, resorts and leisure revenues came in at $13.3 million in the quarter, down from $19.3 million posted in the year-earlier period.
Liquidity
St. Joe exited second-quarter 2018 with cash, cash equivalents and investments of $268.1 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 the company’s leasing portfolio enabled it to record encouraging growth in the leasing segment.
Nonetheless, inconsistent revenue performance in a number of segments renders volatility to the company’s top line. Moreover, 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.
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 and Howard Hughes are set to release their quarterly figures on Aug 6, while Marcus & Millichap is slated to report earnings on Aug 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>>