Alexander & Baldwin’s 1Q net income jumps; CEO cites strong ocean transport, real estate

Alexander & Baldwin reports jump in 1Q net income

HONOLULU — Ocean transportation and logistics-services company Alexander & Baldwin Inc. said Tuesday its first-quarter net income jumped to $17.3 million, or 42 cents per share, from $3 million, or 7 cents per share, a year ago.

First-quarter revenue was $345 million, compared to $315.3 million for the first quarter of last year.

CEO Stanley M. Kuriyama said ocean transportation and real estate sales performance drove quarterly earnings higher, more than offsetting expected declines in real estate leasing performance.

He said the company is also benefiting from cost reductions implemented in late 2008 and throughout 2009.