NYSE$JOE
The St. Joe Company · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
St. Joe's revenue and net income decreased despite growth in leasing, hospitality, and homesite sales due to construction delays.
St. Joe Company reported a decrease in revenue by 6% to $68.2 million and a decrease in net income by 30% to $17.0 million for Q2 2022, compared to Q2 2021. This decline was attributed to construction delays in residential homesite deliveries, particularly in the Watersound Camp Creek community. However, leasing and hospitality revenues increased by 45% and 31%, respectively, and homesite unit sales increased by 34%.
- Total revenue decreased by 6% to $68.2 million due to homesite sales timing and mix.
- Net income decreased by 30% to $17.0 million due to homesite sales mix.
- Leasing revenue increased by 45% and hospitality revenue increased by 31%.
- Homesite unit sales increased by 34% to 231 homesites.
Headline financials
Revenue & EPS history
St. Joe · Revenue · Quarterly
$68.3M
Revenue by segment
St. Joe · $38.9M total across 2 segments · Q2 2022
- Hospitality$29.6M+31.0%76.1%
- Leasing$9.3M+45.3%23.9%
Forward guidance
The company expects to see continued demand across segments, but also expects to feel the impact from supply chain disruptions that have delayed homesite and home deliveries and have increased construction costs. Real estate revenue growth is never linear and should be evaluated based on a longer trajectory.
Tailwinds
- Anticipated second quarter 2022 sales release in Watersound Camp Creek community was pushed into the second half of 2022
- As of June 30, 2022, the company had a backlog with 2,172 homesites under contract as well as 605 Latitude Margaritaville Watersound homes under contract, which together are expected to result in a record sales value of $460.5 million.
- Homebuilders continue to purchase homesites as soon as development is complete, without any requests for delays or extensions.
- Residential backlog continues to grow with a record number of homesites and homes under contract.
- Hotels are performing well with high occupancies and rates.
Headwinds
- Construction delays in the delivery of residential homesites.
- Supply chain disruptions have delayed homesite and home deliveries by a few months.
- Supply chain disruptions have increased construction costs.
- Internal decision to lease rather than begin to sell 64 townhomes that are being built near the Watersound Origins community.
- Real estate revenue growth is never linear and should be evaluated based on a longer trajectory.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2022
+1.0%
Avg return
Earnings day
+1.1%
Avg return
5 days after
+2.6%
Avg return
30 days after
55%
38 / 69 earnings
Positive
+19.0%
Q2 2023
Best reaction
-7.0%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.7% | -8.3% | -10.5% | |
| Q4 2025 | +1.2% | +5.6% | -10.9% | |
| Q3 2025 | +11.4% | +20.1% | +23.0% | |
| Q2 2025 | -1.0% | -3.0% | +2.3% | |
| Q1 2025 | +1.0% | +1.7% | +3.5% | |
| Q4 2024 | +2.8% | +1.1% | -0.3% | |
| Q3 2024 | -7.0% | -7.6% | -11.8% | |
| Q2 2024 | +1.8% | +0.2% | -3.5% | |
| Q1 2024 | +1.4% | +2.8% | -1.3% | |
| Q4 2023 | +3.3% | +0.3% | +1.7% | |
| Q3 2023 | -5.0% | -6.3% | +7.8% | |
| Q2 2023 | +19.0% | +17.0% | +9.6% | |
| Q1 2023 | +0.8% | +1.5% | +15.5% | |
| Q4 2022 | -1.3% | -3.5% | -11.0% | |
| Q3 2022 | -1.2% | -1.1% | +2.8% | |
| Q2 2022 | -0.6% | -2.6% | -7.7% | |
| Q1 2022 | +4.9% | -3.5% | -5.7% | |
| Q4 2021 | +8.5% | +15.6% | +28.7% | |
| Q3 2021 | -0.4% | -2.6% | +3.7% | |
| Q2 2021 | +3.7% | -0.0% | +3.7% | |
| Q1 2021 | -0.6% | -0.1% | +1.8% | |
| Q4 2020 | +3.1% | -1.2% | -14.8% | |
| Q3 2020 | +9.3% | +4.8% | +30.4% | |
| Q2 2020 | +3.5% | -0.5% | +14.9% | |
| Q1 2020 | +1.1% | -4.5% | +6.4% | |
| Q4 2019 | -2.7% | -1.1% | -18.3% | |
| Q3 2019 | +1.0% | +0.4% | +3.4% | |
| Q2 2019 | -3.9% | -10.1% | -6.8% | |
| Q1 2019 | +1.5% | +2.3% | -6.5% | |
| Q4 2018 | -1.3% | -0.1% | +4.7% | |
| Q3 2018 | +5.3% | +1.8% | -1.3% | |
| Q2 2018 | +1.4% | +2.0% | -2.5% | |
| Q1 2018 | -3.2% | -0.6% | +4.0% | |
| Q4 2017 | +4.5% | +8.5% | +7.1% | |
| Q3 2017 | +1.7% | +1.7% | +5.1% | |
| Q2 2017 | +0.8% | +2.8% | +3.9% | |
| Q1 2017 | -0.3% | +2.0% | +3.2% | |
| Q4 2016 | +3.3% | -0.3% | +2.4% | |
| Q3 2016 | +3.3% | +6.6% | +22.4% | |
| Q2 2016 | -0.3% | +1.6% | +3.2% | |
| Q1 2016 | +2.0% | — | — | |
| Q4 2015 | +3.0% | — | — | |
| Q3 2015 | +0.4% | — | — | |
| Q2 2015 | -1.2% | — | — | |
| Q1 2015 | +0.9% | — | — | |
| Q4 2014 | -2.0% | — | — | |
| Q3 2014 | -5.3% | — | — | |
| Q2 2014 | -6.9% | — | — | |
| Q1 2014 | -0.1% | — | — | |
| Q4 2013 | +4.1% | — | — | |
| Q3 2013 | +9.9% | — | — | |
| Q2 2013 | -0.3% | — | — | |
| Q1 2013 | -4.1% | — | — | |
| Q4 2012 | -4.2% | — | — | |
| Q3 2012 | +12.1% | — | — | |
| Q2 2012 | +3.8% | — | — | |
| Q1 2012 | -2.7% | — | — | |
| Q4 2011 | -2.4% | — | — | |
| Q4 2010 | -2.4% | — | — | |
| Q3 2011 | -3.3% | — | — | |
| Q2 2011 | -3.4% | — | — | |
| Q1 2010 | +0.9% | — | — | |
| Q1 2011 | +3.6% | — | — | |
| Q4 2008 | +4.5% | — | — | |
| Q3 2010 | +0.8% | — | — | |
| Q3 2009 | +0.8% | — | — | |
| Q2 2010 | -3.3% | — | — | |
| Q2 2009 | -3.3% | — | — | |
| Q4 2009 | -3.3% | — | — |
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