What were the key takeaways from Tejon Ranch's earnings call?

Did Tejon Ranch beat or miss consensus estimates last quarter?

What is Tejon Ranch's latest dividend and current dividend yield?

What is Tejon Ranch's gross profit margin?

What factors drove the changes in Tejon Ranch's revenue and profit?

What guidance did Tejon Ranch's management provide for the next earnings period?

What does Tejon Ranch do and what are its main business segments?

What is the revenue and EPS growth rate for Tejon Ranch year over year?

- **Revenue Growth**: 10% year-over-year increase, driven by farming recovery and stable commercial leasing.
- **Cost Efficiency**: $2 million in annualized savings through workforce reduction and operational improvements.
- **Residential Success**: 50% lease-up rate for 228-unit Terra Vista apartments.
- **Strategic Focus**: TRCC as core growth driver with 100% industrial and 95% commercial occupancy.
- **Financial Health**: Net income of $1.7 million, reversing prior year loss, with 37% operating income improvement.
- **Liquidity**: $21 million cash and $68 million credit facility availability.
- **Investor Engagement**: Commitment to quarterly calls and transparency on asset monetization strategies.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue increased by 10% year-over-year, driven by improved farming operations and stable commercial leasing.
- **Cost Reductions**: Implemented $2 million in annualized expense savings through workforce reduction and operational efficiency measures.
- **Residential Development Success**: First phase of Terra Vista multifamily housing achieved 50% lease-up rate, with 228 units completed and delivered.
- **Strategic Focus**: Emphasized TRCC (Tejon Ranch Commerce Center) as the core growth driver, with 100% industrial and 95% commercial portfolio occupancy.

**【CFO Financial Commentary】**
- **Net Income**: Reported $1.7 million for the quarter, compared to a net loss of $1.8 million in the prior year.
- **Earnings Per Share (EPS)**: GAAP EPS of $0.06, reversing last year’s loss of $0.07.
- **Cost Control**: Total costs and expenses declined by 5%, with operating income improving by 37% year-over-year.
- **Liquidity**: $21 million in cash and $68 million available under the AgWest credit facility, supporting capital allocation for development projects.

**【Q&A Highlights】**
- **Asset Monetization**: CEO confirmed willingness to evaluate offers for Mountain Village and Centennial at or above book value, while pursuing joint venture partners to avoid dilution.
- **Farming Performance**: Adjusted EBITDA for farming showed positive cash flow generation in 23 of the last 24 years, despite GAAP losses due to water holding costs.
- **TRCC Expansion**: Plans to develop additional multifamily housing and single-family homes in the Grapevine Master Plan Community, driven by demand from Hard Rock Casino employees.
- **Governance Transparency**: CEO committed to improving investor engagement through quarterly earnings calls and an upcoming Investor Engagement Day.


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