Tejon Ranch Co. had net income for the first quarter in contrast to a loss during the same period a year ago, the company announced Monday.
The Kern County agribusiness reported net income of $1.5 million (6 cents a share) for the quarter ended March 31, compared to a net loss of $19 million (-9 cents) for the first quarter a year ago. Revenue totaled $13.9 million, an increase of 131 percent compared to the previous year.
No analysts follow the company.
The company attributed the increased revenue to “moderate drought conditions” that allowed the company to sell 7,442 acre-feet of water during the quarter. Almond sales also increased farm income by $800,000.
“Our mineral resources segment generated $9.1 million in revenues primarily related to water sales during the quarter,” Chief Executive Gregory Bielli said in a statement.
The company also saw progress on its plans to develop residential and commercial real estate on its land, with Kern County has approved the first phase of the site plan for a commercial center named Farm Village.
Shares of Tejon Ranch (TRC) closed Monday up 42 cents or nearly 1.7 percent, to $25.84 on the New York Stock Exchange.