Newhall Land & Farming Co. reported sharply higher earnings of $6.7 million for the calendar first quarter, up 63% from a year ago. Revenue was $29.8 million, up 49%.
The company, a limited partnership based in Valencia, said its industrial land activities contributed heavily to the showing. The profit amounted to 36 cents per partnership unit, up from 23 cents per unit a year ago.
Newhall’s residential real estate performance also was strong, but its farming results were flat. Nevertheless, company officials said, agriculture will be profitable for the year.
Newhall, one of California’s biggest landholders, draws most of its sales and earnings from Valencia, a master-planned community it is developing in the Santa Clarita Valley.