Sign in
SJ

ST JOE Co (JOE)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 delivered broad-based growth: revenue rose 20% to $104.3M and net income increased 43% to $18.9M ($0.32 EPS), driven by record homesite closings and continued strength in hospitality and leasing .
  • Segment performance: Real Estate revenue +23% to $46.5M on a single-quarter record of 331 homesite closings; Hospitality +19% to $42.2M; Leasing +15% to $15.6M with 95% of 1,182,000 sq ft leased .
  • Capital allocation remained active: $30.7M capex in Q4, a $0.14 dividend declared, and repurchases; buyback authorization was increased to $100M, reinforcing long-term return focus .
  • Estimates context: S&P Global consensus for Q4 2024 EPS and revenue was unavailable at time of analysis; we cannot assess beat/miss vs Street for this quarter (see Estimates Context).

What Went Well and What Went Wrong

What Went Well

  • Record residential homesite closings: 331 in Q4 (+82% YoY), with demand supported by migration trends and a robust pipeline; “We are pleased with the year-over-year growth in the fourth quarter across all segments…” — Jorge Gonzalez .
  • Hospitality and leasing momentum: Hospitality revenue reached $42.2M (+19% YoY) and Leasing $15.6M (+15% YoY) with 95% leased occupancy, reflecting asset growth and Watersound Club membership expansion .
  • JV contributions: Unconsolidated JVs generated $378.2M revenue in 2024 and $23.6M equity income, augmenting consolidated performance and supporting long-term value creation .

What Went Wrong

  • Full-year net income declined 5% to $74.2M due in part to higher depreciation (+$7.7M YoY), diluting annual bottom-line growth despite Q4 strength .
  • Homesites under contract fell to 1,074 ($~102.0M) from 1,486 ($~132.5M) YoY, reflecting transaction activity and phase mix in current communities .
  • Real Estate full-year revenue decreased 23% to $143.2M, consistent with earlier quarters’ commentary on timing/product mix and fewer commercial transactions; however, Q4 sequentially rebounded .

Financial Results

Consolidated Revenue, EPS, Net Income, Operating Income, EBITDA

Periods ordered oldest → newest

MetricQ4 2023Q2 2024Q3 2024Q4 2024
Revenue ($USD Millions)$86.7 $111.6 $99.0 $104.3
Net Income Attributable to Company ($USD Millions)$13.2 $24.5 $16.8 $18.9
Basic EPS ($USD)$0.23 $0.42 $0.29 $0.32
Operating Income ($USD Millions)$17.3 $32.6 $21.2 $25.7
EBITDA ($USD Millions)$34.0 $49.2 $39.9 $42.5

Segment Revenue

Segment Revenue ($USD Millions)Q4 2023Q4 2024
Real Estate$37.7 $46.5
Hospitality$35.4 $42.2
Leasing$13.6 $15.6
Total$86.7 $104.3

Expenses Detail (Q4 comparison)

Expense ($USD Millions)Q4 2023Q4 2024
Cost of Real Estate Revenue$14.9 $22.0
Cost of Hospitality Revenue$29.8 $31.6
Cost of Leasing Revenue$7.1 $6.6
Corporate & Other Operating Expenses$6.4 $6.3
Depreciation, Depletion & Amortization$11.2 $12.1

KPIs and Operating Metrics

KPIQ3 2024Q4 2024
Homesite Closings (units)179 331 (record)
Watersound Club Members (ending)3,532 3,476
Hotels Operated (rooms)12 hotels / 1,298 rooms 12 hotels / 1,298 rooms
Leasable Commercial Sq Ft (000s)1,179; 96% leased 1,182; 95% leased
Cash & Equivalents ($USD Millions)$82.7 $88.8
Residential Homesites Under Contract1,381; ~$122.3M 1,074; ~$102.0M
JV Revenue ($USD Millions, Unconsolidated)$299.1 (first nine months) $378.2 (full year)
JV Equity Income ($USD Millions)$19.5 (first nine months) $23.6 (full year)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Quarterly Cash DividendNext payable Mar 27, 2025$0.14 (declared Oct 23, 2024 for Dec 6, 2024) $0.14 declared Feb 26, 2025 Maintained
Share Repurchase AuthorizationOngoing$76.7M remaining as of Dec 31, 2024 Increased to $100.0M Raised
Revenue/Margins/EPS GuidanceN/ANot providedNot providedN/A (Company does not give formal top-line/earnings guidance)

Earnings Call Themes & Trends

Note: We did not find an earnings call transcript for Q4 2024 after exhaustive search. Themes are synthesized from the Q4 press release and prior quarter releases.

TopicPrevious Mentions (Q2 & Q3)Current Period (Q4 2024)Trend
Residential demand & homesitesEmphasis on “seeding and harvesting” timing; 186 homesites sold in Q2 and 179 in Q3; pipeline >22,000; under contract ~$114.0M (Q2) and ~$122.3M (Q3) 331 homesite closings (record); under contract 1,074 (~$102.0M); pipeline >21,500 Strong finish; near-term under contract lower, long-term pipeline intact
Hospitality growth & marginsQ2: +38% to record $62.3M; Q3: +17% to $55.4M; margin improved in Q3 to 34.1% Q4: +19% to $42.2M; full-year record $199.2M Sustained growth; seasonal normalization
Leasing footprint & occupancyQ2/Q3: ~1.1–1.18M sq ft; 96% leased; expansion in Watersound centers & medical campus Q4: 1,182,000 sq ft; 95% leased; potential to more than double space Expanding footprint; high occupancy sustained
JV contributionQ2/Q3: JV revenue $189.9M/$299.1M; equity income $12.8M/$19.5M FY JV revenue $378.2M; equity income $23.6M Building contribution; diversified earnings
FSU/TMH Medical CampusQ3: first phase operational; demand exceeding expectations Ongoing focus; centers cited as key leasing nodes Positive ramping utilization
Capital allocationQ2: dividend increased to $0.14; capex $32.4M; debt repaid Q4: capex $30.7M; dividend declared; buyback authorization raised to $100M Shareholder-friendly; investment sustained

Management Commentary

  • “We are pleased with the year-over-year growth in the fourth quarter across all segments and strong finish to 2024… For the full year 2024, we achieved a Company record for a single year revenue in hospitality with $199.2 million… and a single year record in leasing with $60.3 million.” — Jorge Gonzalez, President, CEO & Chairman .
  • “Our business strategy of developing operating properties that grow recurring revenue while simultaneously increasing the value of our surrounding lands continues to take shape. It is a virtuous circle of value creation.” — Jorge Gonzalez .
  • “In addition to increasing our consolidated revenue, we continue to create meaningful profitability through joint ventures… $23.6 million in pre-tax income for the Company.” — Jorge Gonzalez .

Q&A Highlights

  • We did not locate a Q4 2024 earnings call transcript or Q&A section after searching investor relations and document libraries; the company posted an earnings release but no call transcript was available .

Estimates Context

  • S&P Global consensus estimates for Q4 2024 EPS and revenue were unavailable at time of analysis due to data access limitations; therefore, we cannot assess beat/miss vs Street for the quarter. We attempted retrieval but encountered a rate limit on SPGI data access.
  • Implication: Focus on operational momentum (record homesite closings, segment growth) and capital allocation signals rather than beat/miss framing this quarter.

Key Takeaways for Investors

  • Sequential recovery vs Q3 and strong YoY growth in Q4 with diversified drivers across Real Estate, Hospitality, and Leasing; the single-quarter record in homesite closings underscores demand resilience in Northwest Florida .
  • Hospitality and leasing are compounding recurring revenue bases, evidenced by full-year records and high occupancy, which should help smooth earnings through real estate cycle timing variability .
  • JV activity contributes materially to economic value creation and earnings, providing diversification beyond consolidated revenue; FY 2024 JV revenue $378.2M and equity income $23.6M .
  • Capital allocation remains shareholder-friendly: persistent dividend ($0.14), buyback authorization raised to $100M, and continued capex to expand operating assets—supporting medium-term growth and potential multiple support .
  • Near-term risk-monitoring: lower homesites under contract vs prior year and higher depreciation impacting FY EPS; watch the cadence of new phases, pipeline conversion, and segment mix .
  • Leasing footprint expansion (Watersound Town Center, West Bay, FSU/TMH campus) and healthcare anchor development should drive traffic and occupancy while deepening the regional moat .
  • Trading lens: Without Street estimates, stock reaction likely hinges on narrative strength (record closings, recurring revenue records, buyback raise) and expectations for 2025 development milestones; monitor subsequent filings for updated project timelines and capex returns .

Appendix: Additional Context and Source Documents

  • Q4 2024 Form 8-K and press release (EX-99.1): quarterly results; dividend; buyback authorization; segment details; financial schedules .
  • Q3 2024 Form 8-K and press release: segment performance; medical campus opening; dividend .
  • Q2 2024 Form 8-K and press release: hospitality record; dividend increase; segment mix .
  • Relevant Q4 period press releases (illustrative of demand and ecosystem build): “Latitude Margaritaville Watersound Sells 2000th Home” (Dec 3, 2024) ; Watersound Town Center tenant adds (Oct 2, 2024) .