St. Joe Narrows 3Q Loss As Real Estate Sales Climb

JACKSONVILLE, Fla. (AP) — Real estate developer The St. Joe Co. on Tuesday said its third-quarter loss narrowed despite higher expenses, as it sold off some of its holdings.

The company posted a loss of $14.4 million, or 16 cents per share, compared with a loss of $19.2 million, or 21 cents per share, in the year-ago third quarter. The recent quarter included $11.1 million in charges, including a settlement regarding notes held on property it sold in 2007, charges related to various homes and other long-term assets. It also booked a $1.3 million restructuring charge related to termination benefits.

Revenue rose 30 percent to $43.2 million, from $33.2 million, with real estate sales accounting for most of that jump.

Analysts polled by Thomson Reuters expected, on average, a loss of 6 cents per share on revenue of $28.9 million. Analysts typically do not include one-time charges in their estimates.

St. Joe booked $33.7 million in residential revenue, including the sale of 47 homes and homesites and a condominium project in Bradenton, Fla., during the quarter. The former timber and paper manufacturer also sold $2.2 million of commercial property and $7.3 million of timber and rural land.