Newhall Land Net Income Nearly Triples in Quarter

The Newhall Land & Farming Co. saw its net income nearly triple in the third quarter on a 72% jump in revenues.

In the quarter ended Sept. 30, Newhall Land posted net income of $12.5 million compared with a profit of $4.2 million in the same period a year earlier. Revenues in the latest quarter climbed to $67.3 million, up from $39.2 million a year ago.

The company, which is based in the large residential and commercial community of Valencia, attributed its strong showing to residential lot sales in the quarter. The residential sales added $27.3 million in revenues and $13.1 million in operating income. Newhall Land said that through nine months this year residential sales reached 711, versus 318 for all of last year.

For the nine months period, Newhall Land posted net income of $40.2 million, up 22% from $32.9 million last year, while its revenues climbed 6% to $152.0 million, up from $143.4 million.