The St. Joe Company reported its financial results for the third quarter and nine months ended September 30, 2024, showing a mixed performance across its segments. Total revenue for Q3 2024 was $99.0 million, a decrease of 2.4% from $101.4 million in Q3 2023. For the nine months, total revenue was $298.4 million, down from $302.5 million in the same period last year. The decline in revenue was primarily driven by a significant drop in residential real estate revenue, which fell to $19.0 million in Q3 2024 from $35.5 million in Q3 2023, and to $74.0 million for the nine months, down from $118.0 million in 2023.
In contrast, the hospitality segment showed strong growth, with revenue increasing to $55.4 million in Q3 2024, up 16.9% from $47.4 million in Q3 2023. For the nine months, hospitality revenue reached $157.0 million, a 34.2% increase from $117.0 million in the same period last year. This growth was attributed to increased membership dues and new amenities that were opened in 2023.
Operating income for Q3 2024 was $21.2 million, an increase of 4.4% from $20.3 million in Q3 2023, while net income for the quarter was $16.6 million, down from $18.7 million in the prior year. For the nine months, net income totaled $54.3 million, a decrease from $62.0 million in 2023. The decline in net income was influenced by higher interest expenses, which rose to $25.5 million for the nine months, compared to $21.8 million in the same period last year.
The company’s total assets increased to $1.546 billion as of September 30, 2024, from $1.524 billion at the end of 2023. Total liabilities decreased to $816.0 million from $825.0 million, while total stockholders' equity rose to $729.6 million from $698.5 million. The company reported retained earnings of $443.4 million, up from $410.4 million at the end of 2023.
In terms of strategic developments, St. Joe continues to focus on its real estate investments, with approximately 87% of its assets located in Northwest Florida, an area experiencing strong demand due to increased migration. The company also reported a significant investment in short-term U.S. Treasury Bills, totaling $58.9 million, as part of its cash and cash equivalents strategy.
Overall, while the company faced challenges in its residential segment, it capitalized on growth in hospitality and leasing, reflecting a diversified approach to its operations.
About ST JOE Co
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