Newhall Land & Farming Earnings Off 27.9%

Newhall Land & Farming reported third quarter earnings of $12.9 million, down 27.9% from a year ago, when the company posted its best quarter ever thanks to unusually large land sales.

Earnings in last year’s third quarter were $17.9 million. Newhall earned 63 cents per partnership unit in this year’s third quarter, versus 98 cents a year earlier. Newhall partnership units are similar to shares of stock and are traded on the New York Stock Exchange.

Revenue was $40.3 million, down 23.8%.

Newhall said its 1985 third quarter figures were boosted by the sale of several large parcels that contributed $20.7 million to revenue and $17.2 million to earnings.

The real estate and agriculture company, which is based in Valencia, said most of its profit in the 1986 third quarter came from the sale of two parcels that sold for $11.2 million, adding $8.8 million, or 43 cents a unit, to earnings.

For the first nine months of the year, Newhall earned $29.2 million, or $1.49 per unit, on revenue of $108.4 million. In the same period of 1985, earnings were $27.8 million, or $1.53 a unit, on revenue of $102 million.

Newhall said per-unit earnings were lower even though overall earnings were higher for the nine months because the number of units outstanding increased this year. The increase stemmed from a public offering in March and the conversion in May of some subordinated debentures, a type of bond, into units.