The St. Joe Company (NYSE: JOE) has reported a remarkable performance in 2023, achieving growth across all segments of the company. The company's residential, hospitality, and commercial segments all contributed to this record-setting performance.
Jorge Gonzalez, President and CEO of St. Joe, highlighted the company's position to capitalize on the growing migration and visitation to Northwest Florida. He stated, "We continue to be well-positioned to capitalize on that growth with our diverse offerings across our segments."
In the residential segment, St. Joe completed a total of 1,704 sales of homes and homesites, marking the most in the company's history. Additionally, the company's hospitality segment saw significant growth, with Watersound Club membership increasing by a record number in 2023 and the opening of five new hotels totaling 646 rooms. Looking ahead, the company has plans to open an additional 121-room hotel in 2024, bringing the total hotel portfolio to 1,298 rooms.
In the commercial segment, St. Joe executed 44 new leases with commercial tenants, representing a milestone for the company. The company's portfolio currently includes 1,028,831 square feet under lease, with approximately 95% occupancy. Furthermore, the company broke ground on the 87-acre FSU/TMH medical campus, with plans for additional medical office buildings and an inpatient hospital.
On the market, St. Joe's shares have experienced a -1.5% movement and are currently trading at a price of $55.84.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $110,276 | $127,085 | $160,555 | $266,996 | $252,321 | $364,172 |
| Revenue Growth | n/a | 15.24% | 26.34% | 66.3% | -5.5% | 44.33% |
| Operating Margins | 27% | 25% | 28% | 35% | 24% | 23% |
| Net Margins | 28% | 21% | 28% | 28% | 28% | 25% |
| Net Income (k) | $32,369 | $26,775 | $45,203 | $74,553 | $70,927 | $92,655 |
| Net Interest Expense (k) | $11,840 | $12,302 | $13,564 | $15,854 | $18,383 | $27,259 |
| Depreciation & Amort. (k) | $8,998 | $3,200 | $4,000 | $6,100 | $8,500 | $34,126 |
| Earnings Per Share | $0.5 | $0.45 | $0.77 | $1.27 | $1.21 | $1.59 |
| EPS Growth | n/a | -10.0% | 71.11% | 64.94% | -4.72% | 31.4% |
| Diluted Shares (k) | 65,333 | 59,995 | 59,010 | 58,883 | 58,721 | 58,335 |
| Free Cash Flow (k) | $38,805 | $21,039 | $31,642 | $107,495 | $40,873 | $101,833 |
| Capital Expenditures | $2,615 | $9,354 | $5,689 | $4,302 | $7,348 | $8,416 |
| Total Debt (k) | $69,374 | $92,529 | $158,915 | $223,034 | $385,860 | $453,116 |
| Net Debt / EBITDA | -3.28 | -2.7 | 1.02 | 1.52 | 4.98 | 3.07 |
St. Joe Company has rapidly growing revenues and increasing reinvestment in the business and exceptional EPS growth. Additionally, the company's financial statements display strong operating margins with a stable trend and positive cash flows. Furthermore, St. Joe Company has significant leverage levels and interest payments.
