- St. Joe Company (JOE, Financial) reported a 26% increase in net income for Q1 2025.
- Quarterly revenue grew by 7% to $94.2 million compared to the same period in 2024.
- The company announced a cash dividend of $0.14 per share.
The St. Joe Company (JOE) has disclosed its financial results for the first quarter of 2025, reporting a robust 26% increase in net income, reaching $17.5 million, compared to $13.9 million in the same quarter the previous year. This growth is accompanied by a 7% leap in total quarterly revenue, which climbed to $94.2 million from $87.8 million, marking the highest first-quarter revenue outside of a unique timberland sale in 2014.
Real estate revenue saw a 12% boost, amounting to $38.3 million, while homesite closings rose by 15%, closing 249 homesites this quarter versus 216 homesites during the same period last year. Leasing revenue achieved a record with a 14% increase to $16.3 million.
In addition to strong financial performance, St. Joe's strategic investments included $32.7 million in capital expenditures, the payment of $8.2 million in cash dividends, and $5.7 million in stock repurchases. As part of its ongoing efforts to reduce debt, the company also repaid a net amount of $2.5 million.
Cash reserves improved, with cash and cash equivalents rising to $94.5 million as of March 31, 2025, up from $88.8 million at the end of 2024. Furthermore, the Board of Directors declared a quarterly dividend of $0.14 per share, scheduled for distribution on June 26, 2025, to shareholders registered by June 10, 2025.
The company continues to leverage its assets to establish supplementary revenue streams, highlighted by the creation of Watersound Real Estate, a boutique brokerage operation. Additionally, a $414 million investment by Florida State University for a new medical campus on St. Joe land promises significant regional healthcare and job creation benefits.
St. Joe is optimistic about ongoing growth opportunities, supported by recent infrastructure developments and a record number of airline passengers traveling through the Northwest Florida Beaches International Airport, with the introduction of the first direct flight to New York City.
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