Saint Joe Co. reports Q3 EPS 33c vs. 21c last year

Reports Q3 revenue $101.4M vs. $57.6M last year. The company said, “Higher mortgage interest rates impact consumer demand, but the strong migration into our area, the relative limited homesite supply, and the number of cash buyers, have attenuated the impacts and allowed for growth in our residential segment. Market conditions have not led to increased cancellation rates as homebuilders have continued to perform on their contractual obligations with us. The biggest driver to housing demand in our region continues to be the net migration that is occurring from a wider range of geographies where individuals and families are looking for a high quality of life, safety, security, natural beauty, and great schools. In addition to net migration, more people are discovering our area as demonstrated by the 63% growth in the hospitality revenue and growth of the Watersound Club membership.”