Saint Joe Co. reports Q1 EPS 24c vs. 18c last year

Reports Q1 revenue $87.8M vs. $73.0M last year. Jorge Gonzalez, CEO, said, “St. Joe continues to show solid organic growth following record performance in 2023. Hospitality revenue grew by 60% with new hotels and increased Watersound Club memberships. Leasing revenue grew by 21% with over 1,000 leased multi-family and senior living units as of March 31, 2024. Residential real estate revenue grew by 10%. We sold 216 homesites in the first quarter of 2024 with a higher average base sales price of $117,000 and increased margins year over year. The Latitude Margaritaville Watersound unconsolidated joint venture continued to expand with 177 completed home sales in the quarter. We are building a diverse portfolio of complementary businesses. The growth of our hospitality segment exposes more visitors to and helps grow our residential communities, which in turn creates more customers for and helps grow our commercial leasing portfolio. As our commercial leasing portfolio grows, more shopping and entertainment opportunities arise, which further drives increased visitation. Our profits and the value of our surrounding lands are expected to increase with each development. We believe our future is bright, and we have just started to scratch the surface.”