Alexander & Baldwin Earnings Down

Revenue falls by 6.2%.
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Alexander & Baldwin (ALEX) - Get Report said its third-quarter earnings declined 21.41% from the year-ago period.

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.

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