Time to Buckle Up, and Buckle Down
Alexander and Baldwin (ALEX), which represents the real estate business of the old Alexander and Baldwin, that separated into two companies (the other being shipping company Matson Navigation (MATX)) in June also put up some solid numbers, after the market closed yesterday. Revenue rose 50% to $92.9 million for the quarter, and net income more than tripled to $13.4 million. Earnings of 31 cents per share beat the 14 cents a share consensus estimate.
ALEX's report came on the heels of a solid report from Matson Navigation on Wednesday. Matson beat the consensus earnings estimate of 40 cents per share by five cents, and shares were rewarded with a 7% advance. I was also pleased to see a $44 million reduction in debt, which now stands at about $329 million.
So, there was some good news, amongst all the angst, but it's time to buckle up, and buckle down. The elections, for the most part, took our eyes off of the ball in terms of what's on the near term horizon. Now it's crunch time, and time to stock up on the Pepto Bismol.
Have a great weekend.At the time of publication the author was long ES, ALES, MATX. Follow @JonMHellerCFA This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
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