Alexander & Baldwin Inc. has given investors a heads-up that the company probably won't post a significant profit or loss in the first quarter.

The diversified Honolulu-based firm announced its expectation for a break-even quarter ending March 31 after the stock marked had closed on Friday. Yesterday, shares of A&B closed down 95 cents to $19.22 on the New York Stock Exchange.

The company is set to report first-quarter earnings April 30.

Alexander & Baldwin Inc. said its diminished forecast is due to lower-than-expected business from ocean transportation subsidiary Matson Navigation Co. and previously announced workforce restructuring costs.

"Our early year-earnings prospects were diminished by continued national and international economic contraction and seasonality in our transportation businesses," Allen Doane, company chairman and chief executive officer, said in a statement.

Doane said Matson's east-bound volume from China and west-bound volume to Hawai'i in January and February was down 20 percent and 12 percent, respectively, from a year earlier.

To better balance shipping capacity and volume, Matson plans to take one ship out of service later this month. The move follows Matson's removal of one ship from service in January 2008, and will leave Matson with an operating fleet of nine ships.

A&B said it expects workforce restructuring to result in a $5 million to $6 million charge in the quarter. The company in January announced that Matson would reduce its nonunion workforce by 10 percent through voluntary separations and layoffs.

A&B also is cutting 10 percent of jobs in its corporate office and real estate division.

Doane said the job cuts are expected to save about $8 million annually, while other cost reduction initiatives will be implemented throughout the year to improve earnings.

Two commercial property sales in escrow are expected to contribute to first-quarter earnings, the company said. However, the timing of other opportunities to sell real estate will be irregular.

A&B said it trimmed $50 million from its $325 million capital budget for 2009, and has renewed a long-term debt facility to better match financing needs for investments. At the same time, the company said its strong balance sheet and cash flows will allow it to pursue attractive acquisitions and investments.