Newhall Land & Farming Sales Fall in 1st Quarter

Newhall Land & Farming Co. reported 25% lower net income on 16% lower sales for the first quarter ended March 31, compared to the same period last year.

The Valencia-based real estate and agricultural partnership, whose investment units are traded on the New York Stock Exchange, said it earned $5 million, or 24 cents per unit, in the quarter. Revenue for the quarter was $24.9 million.

“It will be difficult to match 1986,” Newhall Chairman and Chief Executive James F. Dickason conceded in a prepared statement.

Executive Vice President Robert Wilke said both commercial land sales and residential real estate sales were comparatively weak, although, he said, he expects the real estate group to recover this year.