The Honolulu-based company, which is engaged in transportation, real estate and food products, earned $27.9 million, or 65 cents a share, in the quarter, compared with $35.5 million, or 81 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of $20.65 million, or 52 cents a share.
Third-quarter revenue decreased 6.2% to $422.9 million as against analysts' expectation of $424.49 million.
During the third quarter, operating profit declined 22.88% to $50.9 million; operating margin decreased 260 basis points to 12.04%.
By segment, third-quarter operating profit for ocean transportation declined 7% from a year ago to $34.2 million; for logistics services it increased 46% to $5.1 million; for real estate leasing it increased 10% to $12.5 million; for real estate sales it declined 92% to $1.2 million; and for food products it swung to a $600,000 profit from an operating loss of $100,000.
"The third quarter was characterized by solid financial performance in an increasingly challenging environment," the company said.
The company's shares were trading up $1.79, or 3.92%, at $47.40 on Friday.
This story was created through a joint venture between TheStreet.com and IRIS.