Real estate and agribusiness company Tejon Ranch's Q2 revenue beats estimates on higher almond sales
Overview
Tejon Ranch Q2 revenue rises to $11.1 mln, beating analyst expectations
Company reports Q2 net loss of $1.7 mln due to proxy contest costs
Adjusted EBITDA for Q2 increases to $5.7 mln from $5.1 mln in 2024
Outlook
Company expects net income to fluctuate due to external factors
Tejon Ranch anticipates limited water sales opportunities this year
Company sees potential pricing pressure in almond market
Tejon Ranch plans strategic investment in residential projects
Result Drivers
LAND SALE REVENUE - Real estate commercial/industrial segment revenue increased due to recognition of land sale revenue from a transaction completed in 2022
ALMOND SALES - Farming segment revenues rose due to higher almond sales, with 727,000 pounds sold compared to 381,000 pounds in the prior year
PROXY CONTEST COSTS - Net loss driven by $2.3 mln in consulting fees related to contested board election and proxy defense
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $8.31 mln | $8.10 mln (1 Analyst) |
Q2 EPS |
| -$0.06 |
|
Q2 Net Income |
| -$1.71 mln |
|
Q2 Adjusted EBITDA |
| $5.70 mln |
|
Q2 Pretax Profit | Miss | -$1.28 mln | -$80,000 (1 Analyst) |
Q2 Operating Income |
| -$4.06 mln |
|
Analyst Coverage
Wall Street's median 12-month price target for Tejon Ranch Co is $26.25, about 29.9% above its August 6 closing price of $18.41
Press Release: ID:nGNX2SwRwy
