Newhall Land’s Revenues Rise, but Earnings Fall

Newhall Land & Farming Co., a Valencia-based land development firm, said its earnings for the third quarter that ended Sept. 30 were $906,000, down 50% from $1.8 million in the same period a year earlier. Revenues for the quarter were up 17% to $23.4 million from $20 million the previous year.

For the nine months, the company reported earnings of $6.7 million, more than double the $3.2 million it earned in the same period the year before. The increase was on a 39% growth in revenue to $78.7 million from $56.5 million.

The company attributed the third-quarter results to variations in the housing market and continuing payments toward a $3.7-million charge for uninsured losses stemming from the Northridge earthquake.