Losses Continue at St Joe - Analyst Blog
09 Novembro 2011 - 7:00AM
Zacks
The St. Joe
Company (JOE), a publicly held real estate company,
reported a net loss of $2.4 million or 3 cents per share in third
quarter 2011 compared with a net loss of $13.1 million or 14 cents
in the year-earlier quarter.
For the third quarter of 2011,
total revenue stood at $26.7 million compared with $27.1 million in
the year-ago quarter. Total revenue for the reported quarter were
well ahead of the Zacks Consensus Estimate of $21 million.
By segment, St. Joe generated $16.6
million from its Residential segment during the quarter versus
$12.3 million in the year-ago quarter. The Commercial segment
generated $1.4 million in the reported quarter vis-à-vis $3.7
million in the year-earlier quarter, while Forestry segment
recorded $8.2 million versus $6.8 million in the comparable period.
Revenue from Rural Land Sales during the quarter was $0.5 million
compared to $4.3 million in the prior-year quarter.
During third quarter 2011, St. Joe
reduced its operating and corporate expenses to $27.5 million from
$40.0 million in the previous year. The company further expects to
continue reducing its operating expenses throughout the remainder
of the year to achieve sustainable cash flows from its core
operations.
St. Joe continued with its capital
investment in its Breakfast Point, RiverTown and Venture Crossings
projects, as part of its corporate strategy to capitalize on
renewed investor interests in these projects. The company further
plans to redeploy the capital to advance infrastructure
construction supporting revenue-generating industrial, warehouse
and office developments within these projects, which will likely
have a positive economic impact on the respective regions in the
long run.
St. Joe incurred total cash
overheads of $9.3 million for the reported quarter compared with
$18.7 million in the prior-year period. At quarter-end, the company
had $188.2 million of cash and $23.8 million of pledged securities.
By the end of third quarter 2011, total debt outstanding was $52.4
million, out of which $23.8 million was defeased debt.
We maintain our long-term ‘Neutral’
recommendation on St. Joe, which currently has a Zacks #3 Rank that
translates into a short-term ‘Hold’ rating. One of its competitors,
Rayonier Inc. (RYN) presently also has a ‘Neutral’
recommendation and a Zacks #3 Rank.
ST JOE CO (JOE): Free Stock Analysis Report
RAYONIER INC (RYN): Free Stock Analysis Report
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