Saint Joe Co. reports Q2 EPS 42c vs. 60c last year

Reports Q2 revenue $111.6M vs. $128.1M last year. Jorge Gonzalez, the Company’s President and Chief Executive Officer, said, “We continued to focus our efforts on creating long-term shareholder value through investments in our business with an emphasis on recurring revenue streams while distributing excess cash by increasing the upcoming cash dividend by 17% to $0.14 per share. This is our fourth dividend increase since we initiated dividends in the fourth quarter of 2020, starting at $0.07 per share and now reaching $0.14 per share, a 100% increase in less than four years. Turning now to our operations, we have seen dramatic positive results in the quarter from hospitality operations due to the five new hotel openings in 2023 and growth in the Watersound Club membership program as evidenced by our 38% period-over-period growth in hospitality revenue during second quarter of 2024. In fact, we again achieved record hospitality revenue for a single quarter. Hospitality gross margin also increased substantially as the Company is beginning to achieve higher revenues and operating efficiency. Leasing revenue continues to increase as additional commercial projects are completed, bringing the Company portfolio to over 1.1 million rentable square feet.”