Tejon Ranch Co. - TRC STOCK NEWS

Tejon Ranch Co. (NYSE:TRC) reported its financial results for Q4 and fiscal year 2022, highlighting a net income of $2.0 million for Q4, down from $3.4 million in 2021. Total revenues rose to $20.7 million in Q4, a 7% increase from the previous year, driven by a 65% boost in farming revenues. For the full year, net income totaled $15.8 million, with revenues up 36% to $88.7 million. A significant factor was a 108% rise in commercial/industrial revenue due to land sales. The company plans to expand its industrial footprint in 2023, despite potential fluctuations in income due to commodity prices and water allocations.

Tejon Ranch Co. (NYSE: TRC) and Majestic Realty Co. have announced a full-building lease for a new 446,000-square-foot industrial distribution facility for Sunrise Brands, set to begin construction in Q1 2023 and complete by Q1 2024. Sunrise will temporarily occupy 240,000 square feet until the new building is ready. This follows the leasing of an adjacent 629,274-square-foot center, with the Tejon Ranch Commerce Center boasting 100% occupancy. The partnership highlights the growing demand for industrial space in Kern County, driven by strategic location and labor access.

Tejon Ranch Co. has resolved a legal dispute with the Tejon Ranch Conservancy and signatories to the 2008 Conservation Agreement, including Audubon California and the Sierra Club. This settlement acknowledges that the Antelope Valley Regional Conservation Strategy lacks the best scientific data concerning the company's land. Tejon Ranch will release 50% of withheld payments, totaling $11.76 million over 14 years. This resolution aims to facilitate future cooperative efforts to achieve the objectives of the historic agreement, reinforcing Tejon Ranch’s commitment to conservation and economic progress.

Tejon Ranch Co. (NYSE: TRC) and Majestic Realty Co. have completed the construction of a 629,274-square-foot industrial distribution facility at the Tejon Ranch Commerce Center (TRCC), securing a full-building lease with a major retailer. This facility is part of a larger development comprising over 2.5 million square feet at TRCC, which has shown significant growth in recent months. The strategic location and available space at TRCC, combined with tax incentives offered by Kern County, position it as an attractive option for companies looking to expand in California.

Tejon Ranch Co. (NYSE:TRC) reported strong financial results for Q3 and the first nine months of 2022, with net income of $10.2 million for Q3 and $13.8 million year-to-date. Revenues reached $33.9 million in Q3, driven by a significant land sale of 58 acres for $22 million and improved equity earnings from joint ventures. However, farming revenues fell by 29% due to lower pistachio yields and increased production costs. Adjusted EBITDA increased to $16.3 million in Q3 and $30.5 million year-to-date, highlighting strong cash flow performance.

Tejon Ranch (NYSE: TRC) announces the addition of two new Ariat stores at The Outlets at Tejon, Central California’s premier shopping venue. The 4,960 sq. ft. Ariat Outlet and a 2,922 sq. ft. Ariat Work Shop will cater to a loyal customer base passionate about quality Western and work apparel. Located strategically along Interstate 5 near Los Angeles and Bakersfield, the outlets boast over 40 exclusive retailers, enhancing the shopping experience for visitors.

Tejon Ranch Co. (NYSE:TRC) reported its Q2 2022 financial results, showing a net loss of $0.7 million, or $0.03 per share, down from a profit of $2.8 million in Q2 2021. Total revenues decreased to $10.9 million from $18.1 million, largely due to a 70% drop in commercial/industrial development revenues. However, farming revenues rose by 589% to $1.9 million, attributed to increased almond sales. The company remains optimistic about ongoing developments, including a significant land sale for $22 million and increased royalties from oil and cement.

Tejon Ranch Co. (NYSE:TRC) reported strong financial results for Q1 2022, achieving a net income of $4.3 million, a turnaround from a net loss in Q1 2021. Revenues surged to $23.2 million, up from $11.1 million, driven by a 230% increase in commercial/industrial revenues and a 67% rise in mineral resources revenues. The company announced plans for a new joint venture to develop a 446,400 sq ft industrial building and reported a successful land sale, fully leasing its commercial space. Adjusted EBITDA rose to $11.3 million from $3.0 million year-over-year.

TriCo Bancshares (NASDAQ: TCBK) has successfully merged with Valley Republic Bancorp (OTC: VLLX) as of March 25, 2022, significantly enhancing its asset base to approximately $10.1 billion. This merger is poised to expand lending capabilities and product offerings for clients. Valley Republic Bank's former branches reopened under the Tri Counties brand on March 28, providing an extensive branch network and access to over 37,000 surcharge-free ATMs. Additionally, TriCo has resumed its stock repurchase plan, allowing for the repurchase of up to 1,936,683 shares of common stock.