Updated at 11:49 a.m., Tuesday, February 5, 2008
Real estate, transportation business boost A&B profits
Associated Press
Ocean transportation and logistics service provider Alexander & Baldwin Inc. said today its fourth-quarter earnings jumped 35 percent, as strength in its real estate and transportation businesses offset weakness in other areas.Earnings rose to $36.4 million, or 85 cents per share, compared with $27 million, or 63 cents per share, in the year-ago quarter.
Analysts were expecting a profit of 72 cents per share, according to a poll by Thomson Financial.
Revenue rose 8 percent to $435.9 million from $404.1 million.
The company said operating profit rose 26 percent at its real estate unit, and 17 percent in its transportation business.
The agricultural unit has flat operating profit, a result the company called "disappointing." Results were hurt by lower sugar production.
For the full-year, Alexander & Baldwin posted a profit of $142.2 million, or $3.30 per share, compared with $122.5 million, or $2.81 per share, in 2006.
Revenue rose 5 percent to $1.68 billion.
