Posted on: Friday, January 28, 2005
A&B profit up 24% for 2004, but flat in fourth quarter
Advertiser Staff
Alexander & Baldwin Inc., the Honolulu-based shipper, property manager and agribusiness company, reported a slight decline in fourth-quarter profit yesterday and a 20 percent increase in sales. For the year, net profit climbed 24 percent.
2004 vs. 2003
Fourth-quarter revenue: $394 million vs. $327 million Fourth-quarter net income: $18.7 million vs. $18.8 million Fourth-quarter earnings per share: 42 cents vs. 44 cents 2004 revenue: $1.49 billion vs. $1.23 billion 2004 net income: $101 million vs. $81 million 2004 earnings per share: $2.33 vs. $1.94 Total assets: $1.78 billionvs. $1.76 billion
• Hawai'i's strong economy helped increase sales in all segments of Alexander & Baldwin's business.
• Profit was down in the fourth quarter from a year ago primarily because of a one-time gain in the fourth quarter of 2003.
• Ocean transportation division Matson Navigation Co. achieved a 16 percent operating profit increase for the year.
• Real estate investment operating profit rose 21 percent in 2004.
"2004 results were outstanding, exceeding objectives ... our investments over the last several years in A&B's two core businesses were essential to the company's growth."
Allen Doane | president and chief executive officer
A&B expects this year to be an improvement over 2004, though not without challenges.
The company expects new competition in shipping automobiles between the West Coast and Hawai'i.
The real estate market is expected to continue to be more favorable for sellers than buyers, suggesting it will be more difficult for A&B to find new investments with attractive returns.
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