Overview

* Tejon Ranch ( TRC ) Q3 revenue up 34%, beats analyst expectations, driven by strong farming performance

* Net income for Q3 was $1.7 mln, reversing a loss from the previous year

* Company reduces workforce by 20% to save $2 mln annually

Outlook

* Tejon Ranch ( TRC ) to focus on commercial/industrial and multi-family development at TRCC

* Company anticipates net income fluctuations due to land sales and commodity prices

* Water sales opportunities in 2025 influenced by hydrologic conditions and SWP allocations

Result Drivers

* FARMING REVENUE - Farming segment revenues increased by 34% to $4.3 mln, contributing to positive Q3 results

* WORKFORCE REDUCTION - In Oct, Co reduced workforce by 20% for annual savings of $2 mln, part of cost-cutting measures

* TERRA VISTA LEASE-UP - Terra Vista residential community at TRCC is on schedule, with 55% of delivered units leased

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $11.97 $9.53

Revenue mln mln (1

Analyst)

Q3 EPS $0.06

Q3 Net $1.67

Income mln

Q3 $5.30

Adjusted mln

EBITDA

Q3 -$2.02

Operatin mln

g Income

Q3 $699,000

Pretax

Profit

Analyst Coverage

* Wall Street's median 12-month price target for Tejon Ranch Co ( TRC ) is $26.25, about 39.2% above its November 5 closing price of $15.97

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)