Newhall Land Reports Drop in Quarterly Profit

Newhall Land & Farming Co. reported a drop in profit in the second quarter but said it would earn more than expected in 2002 because residential lot sales are at the high end of previous estimates.

Net income fell 88% to $9.38 million, or 38 cents per partnership unit, as revenue declined 50% to $52.2 million.

The year-earlier results include revenue of $88.1 million related mainly to the sale of the Chiquita Canyon Landfill and its option on 1,800 acres in Colorado, Newhall said.

The limited partnership said it expects earnings of $1.50 to $1.60 a unit this year, up from earlier estimates of $1.10 to $1.15 a unit. It expects to sell about 1,331 lots this year, compared with its earlier estimate of 1,000 to 1,400.

Newhall units fell $1.20 to $30.20 on the NYSE.