Tejon Ranch Co. on Tuesday reported improved net income and revenue for the third quarter, largely from the payment on a crop insurance claim.The Lebec company, which owns agricultural land as well as industrial, retail and residential real estate, reported net income of $384,000 (2 cents a share), compared to net income of $37,000 (0 cents a share) for the same quarter a year ago. Revenue increased 40 percent to $13.5 million.
No analysts follow the company.Most of the increased revenue came from a $3.8 million payout for crop insurance covering the company’s pistachio yield.On the real estate front, the company reported improvement from the depths of the pandemic.“We continue to see signs of a rebound from the impact of the global pandemic and resulting governmental shutdowns. In September, the Outlets at Tejon experienced the highest overall sales of any September since our grand opening. Our gas stations at the Tejon Ranch Commerce Center reported fuel volume sales at near pre-COVID-19 levels during August and September,” Chief Executive Gregory Bielli said in a statement. “We also continue to press ahead with our mixed-use master planned communities, all the while managing our expenditures to preserve cash in the event the COVID-19 pandemic continues well into 2021.”Shares of Tejon Ranch (TRC) closed Tuesday up 31 cents, or 2.7 percent, to $13.97 on the New York Stock Exchange.