The St. Joe pany(JOE)2024-07-24 20:10Revenue Performance - Hospitality revenue increased by 38% to a quarterly record of 45.1 million in Q2 2023[30]. - Total consolidated revenue for Q2 2024 decreased by 13% to 128.1 million in Q2 2023[6]. - For the first six months of 2024, total revenue decreased by 1% to 201.1 million in the same period of 2023[24]. - Total revenue decreased by 12.9% to 128.1 million in Q2 2023[35]. - Real estate revenue decreased by 51% to 34.5 million in Q2 2024, down from 14.8 million in Q2 2024, compared to the same period in 2023[6]. - Leasing revenue rose by 19% to 12.4 million in Q2 2023[48]. Net Income and Earnings - Net income attributable to the Company for Q2 2024 decreased by 29% to 0.42 per share, compared to 0.60 per share, in Q2 2023[26]. - Net income attributable to the Company was 34.7 million in Q2 2023, representing a decrease of 29.4%[38]. - Basic net income per share attributable to the Company decreased to 0.60 in Q2 2023[35]. Expenses and EBITDA - Corporate and other operating expenses increased by 7.3% to 5.5 million in Q2 2023[49]. - EBITDA for Q2 2024 was 59.7 million in Q2 2023, a decrease of 17.5%[38]. Cash and Capital Expenditures - As of June 30, 2024, the Company had 88.6 million as of June 30, 2023[50]. - The Company funded 63.9 million for the first six months of 2024[50]. Dividends and Shareholder Returns - The Company declared a cash dividend of 0.12 per share[27]. - The company plans to continue its capital allocation initiatives, including the payment of quarterly dividends[60]. Future Growth and Development - The St. Joe Company focuses on real estate development, asset management, and operations in Northwest Florida, utilizing existing assets for residential, hospitality, and commercial ventures[61]. - The company has significant residential and commercial land-use entitlements, actively seeking higher and better uses for its real estate assets through various development activities[61]. - Future growth prospects include expansion of operational assets, such as increases in hotel rooms, and maintaining an efficient cost structure[60]. - There are ongoing plans regarding joint venture developments and the timing of new projects in 2024 and beyond[60]. - As of June 30, 2024, the Company had 1,303 residential homesites under contract, expected to generate approximately $114.0 million in revenue[11]. - The Company has over 22,500 homesites in various stages of planning or development[19].