Tejon Ranch Co (TRC) Quarterly 10-Q Report

Tejon Ranch Co (TRC) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing includes financial statements for the quarter, showing a net loss attributable to common stockholders of $1,836,000 compared to a net loss of $341,000 in the same quarter of the previous year. The increase in net loss is primarily due to the performance of the farming segment, which experienced a decrease in operating profit.

Farming segment revenues increased to $3,242,000 from $2,642,000 in the previous year, driven by higher almond sales. However, the segment experienced higher costs, resulting in a loss of $3,010,000 compared to a profit of $485,000 in the previous year.

Commercial/industrial real estate development segment revenues decreased to $3,002,000 from $3,397,000, primarily due to lower landscaping and management fees. The segment's operating income decreased to $914,000 from $1,260,000.

Mineral resources segment revenues increased slightly to $3,166,000 from $3,118,000, with operating income rising to $1,354,000 from $1,118,000. This was due to higher water sales and cement royalties.

Ranch operations segment revenues increased to $1,446,000 from $1,052,000, with operating income rising to $223,000 from a loss of $144,000, driven by higher grazing lease revenues.

The company reported total other income of $459,000, a decrease from $670,000, primarily due to lower investment income.

Tejon Ranch Co's cash, cash equivalents, and marketable securities totaled approximately $41,261,000 as of September 30, 2024, a decrease from $64,463,000 as of December 31, 2023.

The company continues to focus on its real estate development projects, including the TRCC mixed-use development and the Terra Vista at Tejon multi-family project.

The filing outlines the company's ongoing legal proceedings related to the Centennial project, which is currently under appeal in the California Court of Appeal.

Tejon Ranch Co maintains a revolving credit line of $160,000,000, with $59,942,000 outstanding as of the end of the quarter, and expects to use this for ongoing working capital requirements.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tejon Ranch Co quarterly 10-Q report dated November 7, 2024. To report an error, please email [email protected].