St. Joe loses $11.7M in 1Q
Jacksonville Business Journal
Real estate sales fell 92 percent in the first quarter for The St. Joe Co. and the developer lost $11.7 million in the quarter, or 13 cents per share.
In the first quarter of last year St. Joe earned $32.1 million, or 40 cents per share.
St. Joe’s revenue for the quarter fell 81 percent to $21.6 million, with most of that drop coming in sale of rural land. In the first quarter of last year St. Joe sold $91.1 million worth of rural land, a number that plummeted to $4.2 million.
CEO Britt Greene said St. Joe has seen a mild increase in traffic and sales at its residential communities since the end of last year, but doesn’t foresee a quick turnaround.
“It is too early to predict a bottom or a trend,” Greene said. “The actions we have taken, such as adjusting pricing for our inventory of homes, has helped us to respond to a market that seems interested but remains timid.”
St. Joe (NYSE: JOE) is focusing on its West Bay development in Bay County. The company has extensive holdings around the new Panama City-Bay County International Airport that is under construction.
“With the scheduled airport opening now one year away, we are working to position several initial parcels near the airport to be revenue-ready,” said Greene. “Our land at West Bay is a world-class asset, and our marketing outreach is to global users.”
St. Joe stock opened Tuesday at $25.88 per share. Over the last year it has ranged from $14.53 $42.97.
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