Tejon Ranch Q2 Revenue Beats Estimates by 65%, Returns to Profitability
TRC is trading near its 52-week low of $15.31 (9.7% above the low).
Summary
Tejon Ranch swung to a Q2 profit of $2.63M, or $0.10 per share, from a Q1 net income of just $0.15M. Revenue of $14.26M crushed the single-analyst estimate of $8.64M, driven by a land sale that launched a new industrial joint venture and lower corporate expenses after prior-year activism costs. Adjusted EBITDA hit $8.40M. The results mark a sharp acceleration from the modest Q1 recovery and suggest the commercial development strategy is gaining traction. The company flagged that net income will remain lumpy due to land sale timing, but the beat and profitability return are material for a $444M market cap firm. The earnings call later today may provide more color on the development pipeline.
At the time of this announcement, TRC was trading at $16.80 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $444.2M. The 52-week trading range was $15.31 to $21.31. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.