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Market Update

Earnings on Tap: St Joe

New management might be expected to outline the growth strategy.

May 4, 2011

Florida-based property developer St. Joe (JOE) reports earnings after the bell Wednesday, with Wall Street analysts estimating the firm to report a loss of $0.06 per share, improving from a loss of $0.13 per share in the year-ago quarter.

This will be the first quarterly-earnings announcement since Bruce Berkowitz, whose Fairholme Fund (FAIRX) holds a sizeable stake of the company, took control of management, dismissing the previous CEO, prominent members of the board, and leading executives. Analysts will likely listen in for St. Joe's growth strategy going forward. (Read more about Berkowitz's views in a recent interview with Morningstar here).

Morningstar analysts are bullish on St. Joe stock and feel shares are currently undervalued compared with their fair value estimate.

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