Alexander & Baldwin, Inc. (NYSE:ALEX) today reported that
net income for 2010 was $92.1 million, or $2.22 per diluted share.
Net income for 2009 was $44.2 million, or $1.08 per diluted share.
Revenue for 2010 was $1.6 billion, compared to revenue of $1.4
billion for 2009.
Net income for the fourth quarter of 2010 was $20.2 million, or
$0.48 per diluted share. Net income in the fourth quarter of 2009
was $20.1 million, or $0.49 per diluted share. Revenue for the
fourth quarter of 2010 was $461.4 million, compared to revenue of
$362.9 million in the same period of 2009.
“A&B’s earnings for 2010 rebounded from 2009, driven
principally by Matson’s strong performance in China, a considerable
turnaround in Agribusiness, and increased gains from sales of
improved properties. Equally important were investments made in
Transportation and Real Estate in 2010, including the start up of a
second China to Long Beach service and continued investment in our
real estate development pipeline,” said Stanley M. Kuriyama,
A&B president and chief executive officer.
“We begin 2011 with an improving economic environment in Hawaii
and on the Mainland. Hawaii has been led by major gains in the
visitor industry, which contributed to higher employment levels and
real personal income. These emerging signs of economic recovery are
encouraging and provide us with greater confidence for continued
improvement in 2011,” added Kuriyama.
QUARTER SUMMARY
Overall, net income in the quarter was $20.2 million, in line
with the fourth quarter of 2009.
Matson’s operating profit in the quarter was slightly lower than
last year, as improved performance for its first China service,
Hawaii and Guam trade lanes, and stevedoring joint venture, SSAT,
were effectively offset by start-up losses from Matson’s China-Long
Beach Express 2 (CLX2), which were higher than anticipated due to
the impact of more pronounced seasonality on eastbound China
volumes. Operating profit for Matson Integrated Logistics (MIL)
improved in the fourth quarter compared to last year, which helped
MIL modestly increase its year-over-year results.
The substantial gain realized from the October 7 sale of the
Ontario Distribution Center industrial facility in California was
the primary driver of Real Estate Sales earnings in the fourth
quarter. Also in the quarter, the Company acquired two Mainland
shopping centers at favorable prices, utilizing proceeds from
previous property sales under the Company’s 1031 exchange program.
As anticipated, real estate development sales were minimal in the
quarter; however, the Company continued to push forward with
development of core projects to ensure that it is well positioned
to meet future demand from a recovery in the real estate
markets.
Real Estate Leasing operating profit in the quarter was down
compared to 2009, primarily due to the impact of lower lease
renewal rents from a still-recovering economy, the timing of
property sales and replacement property acquisitions, higher
depreciation from recently acquired properties and the
non-reinvestment of $32.8 million in 1031 proceeds from 2010 and
2009 dispositions (total proceeds from these dispositions were
$237.2 million).
The fourth quarter saw the successful completion of the harvest
for both Hawaiian Commercial & Sugar Company and Kauai Coffee
Company. Agribusiness operating profit was higher in the quarter
compared to the fourth quarter of 2009, which helped support modest
profitability for the year. Overall results were driven primarily
by higher sugar prices, production and sales, and represent a major
recovery from 2009 results.
TRANSPORTATION INDUSTRY
Ocean Transportation – Fourth quarter
of 2010 compared with 2009
Quarter Ended December 31, (dollars in
millions)
2010 2009
Change Revenue
$ 290.8 $ 234.8
24 % Operating profit
$ 11.6 $ 13.5 -14 % Operating
profit margin
4.0 % 5.7 %
Volume* (units): Hawaii containers
37,100
34,200
8 % Hawaii automobiles
19,800 20,600 -4 % China containers
24,400 13,500 81 % Guam containers
4,000 3,600 11
%
* Container volumes included for the
period are based on the voyage departure date, but revenue and
operating profit are adjusted to reflect the percentage of revenue
and operating profit earned during the reporting period for voyages
that straddle the beginning and/or end of each reporting
period.
For the fourth quarter of 2010, Ocean Transportation revenue
increased 24 percent compared to the fourth quarter of 2009,
principally due to a $43.3 million increase in overall volumes, in
part due to one additional week of cargo delivery. Matson’s fiscal
year included 53 weeks in 2010, compared to 52 weeks in 2009, and
the additional week was included in the fourth quarter. Also,
higher yields and improved cargo mix of $11.8 million, principally
in the China trade, increased the quarter’s revenue.
Total Hawaii container volumes were up 8 percent compared to the
fourth quarter of 2009, reflecting the additional week of cargo and
increases in westbound shipments of food, beverage and household
goods. Hawaii automobile volume for the quarter was 4 percent lower
than last year, due principally to the timing of automobile rental
fleet replacement activity. China container volume increased 81
percent in the fourth quarter of 2010 compared to last year due to
volumes from Matson’s new CLX2 service. Guam container volume
increased principally from the one additional week of cargo.
Matson’s fourth quarter operating profit of $11.6 million was
$1.9 million lower than 2009. The quarter benefited from $31.4
million of higher net volumes and $11.8 million of higher yield and
improved cargo mix compared to the fourth quarter of 2009.
Offsetting these improvements were increased vessel operating
expenses of $30.4 million due principally to CLX2 and higher fuel
costs. General and administrative expenses increased $4.8 million
in the quarter compared to last year due principally to higher
costs from CLX2 and increased employee compensation expenses
partially related to the 53rd week. Also, operation overhead costs
increased by $4.4 million, due principally to the new China service
and additional equipment repair costs. Finally, terminal handling
costs increased by $4.0 million due to contractual increases in
terminal fees and handling charges.
Ocean Transportation – 2010 compared
with 2009
(dollars in millions)
2010 2009
Change Revenue
$ 1,045.0
$ 888.6 18 % Operating profit
$ 99.4 $ 58.3 70
% Operating profit margin
9.5 %
6.6 % Volume* (units): Hawaii
containers
136,700 136,100 -- Hawaii automobiles
81,800 83,400 -2 % China containers
72,700 46,600 56
% Guam containers
15,200
14,100 8 % * Container volumes included for the
period are based on the voyage departure date, but revenue and
operating profit are adjusted to reflect the percentage of revenue
and operating profit earned during the reporting period for voyages
that straddle the beginning and/or end of each reporting period.
Ocean Transportation revenue increased $156.4 million, or 18
percent, in 2010 compared to 2009. This increase was principally
due to a $61.9 million increase in revenue related to overall
higher volumes, a $55.8 million increase in revenue due to higher
yields, principally in the China trade, and a $32.3 million
increase in fuel surcharges due to higher fuel prices.
Total Hawaii container volume increased slightly in 2010
compared with 2009, primarily reflecting one additional week in
Matson’s 2010 fiscal year. Matson’s Hawaii automobile volume for
the year was 2 percent lower than 2009, due principally to the
timing of automobile rental fleet replacement activity. China
container volume increased 56 percent in 2010, compared with 2009,
principally due to the commencement of CLX2, as well as an increase
in market demand. Guam container volumes increased 8 percent due to
an increase in market demand related, in part, to activities
associated with the expected U.S. military build-up.
Operating profit increased $41.1 million, or 70 percent, in 2010
compared to 2009. The increase in operating profit was principally
due to $55.8 million in higher yields, principally related to the
China trade, and a $47.8 million increase due to a net increase in
volume driven by the China trade. The improvement in operating
profit was partially offset by $40.7 million related to increased
vessel operating expenses, principally due to the commencement of
CLX2, but also due to higher fuel, drydock, and contractual labor
costs, partially offset by lower vessel insurance costs.
Additionally, terminal handling costs increased by $22.9 million
due to contractual increases in terminal fees and handling charges,
and operations overhead costs increased $5.3 million due to
additional equipment repair costs and CLX2. The increase in costs
was partially offset by a $6.6 million increase in SSAT joint
venture earnings, principally due to higher west coast container
lift volumes in 2010.
Logistics Services – Fourth quarter of
2010 compared with 2009
Quarter Ended December 31, (dollars in
millions)
2010 2009
Change Intermodal revenue
$ 55.1 $ 48.5
14 % Highway revenue
42.4 33.6 26 %
Total Revenue
$ 97.5 $ 82.1
19 % Operating profit
$ 2.0 $ 1.2 67 %
Operating profit margin
2.1 %
1.5 %
Logistics Services revenue for the fourth quarter of 2010
increased 19 percent, or $15.4 million, compared to the fourth
quarter of 2009, due primarily to higher Intermodal and Highway
volumes. Intermodal and Highway volume increased 5 percent and 15
percent, respectively, benefiting, like Matson, from an additional
week of activity in 2010. Additionally, Highway volume increased
due to an improvement in both full truckload and
less-than-truckload volume during the fourth quarter of 2010.
Logistics Services operating profit increased by $0.8 million,
or 67 percent, in 2010 compared to the fourth quarter of 2009, due
principally to the higher volumes cited above, higher profitability
of the Company’s warehousing services and higher intermodal yields,
offset in part by lower yields in both full truckload and
less-than-truckload services.
Logistics Services – 2010 compared with
2009
(dollars in millions)
2010 2009
Change Intermodal revenue
$
204.1 $ 188.0 9 % Highway revenue
151.5 132.9 14 %
Total Revenue
$ 355.6 $ 320.9 11
% Operating profit
$ 7.2 $ 6.7 7 % Operating profit
margin
2.0 % 2.1 %
Logistics Services revenue increased $34.7 million, or 11
percent, in 2010 compared with 2009. This increase was principally
due to higher Intermodal and Highway volumes, which increased 2
percent and 12 percent, respectively. Highway volume increased due
to an improvement in the less-than-truckload business as well as a
large military contract move that occurred in the first quarter of
2010. Additionally, Intermodal and Highway volume benefited from an
additional week of activity in 2010.
Logistics Services operating profit increased $0.5 million, or 7
percent, in 2010 compared with 2009. Operating profit increased
principally due to higher volumes cited above, but also due to a
lower provision for bad debt, and lower depreciation and
amortization. However, the improvement to operating profit was
partially offset by lower yields resulting from increased
competitive pressures.
REAL ESTATE INDUSTRY
Real Estate Leasing and Real Estate Sales revenue and operating
profit are analyzed before subtracting amounts related to
discontinued operations. This is consistent with how the Company
evaluates and makes decisions regarding capital allocation,
acquisitions, and dispositions for the Company’s real estate
businesses.
Effect of Property Sales Mix on Operating Results: Direct
year-over-year comparison of the real estate sales results may not
provide a consistent, measurable barometer of future performance
because results from period to period are significantly affected by
the mix and timing of property sales. Operating results, by virtue
of each project’s asset class, geography, and timing, are
inherently episodic. Earnings from joint venture investments are
not included in segment revenue, but are included in operating
profit. The mix of real estate sales in any year or quarter can be
diverse and can include developed residential real estate,
commercial properties, developable subdivision lots, undeveloped
land, and property sold under threat of condemnation. The sale of
undeveloped land and vacant parcels in Hawaii generally provides
higher margins than does the sale of developed and commercial
property, due to the low historical-cost basis of the Company’s
Hawaii land. Consequently, real estate sales revenue trends, cash
flows from the sales of real estate, and the amount of real estate
held for sale on the balance sheets do not necessarily indicate
future profitability trends for this segment. Additionally, the
operating profit reported in each quarter does not necessarily
follow a percentage of sales trend because the cost basis of
property sold can differ significantly between transactions.
Real Estate Leasing – Fourth quarter of
2010 compared with 2009
Quarter Ended December 31, (dollars in
millions)
2010 2009 Change Revenue
$ 23.2 $ 24.9 -7 % Operating
profit
$ 8.4 $ 10.0 -16 % Operating profit margin
36.2 % 40.2 %
Average Occupancy Rates: Mainland
86 % 83 % Hawaii
91 % 95 %
Real Estate Leasing revenue for the fourth quarter of 2010,
before subtracting amounts presented as discontinued operations,
was $1.7 million lower than the fourth quarter of 2009, due to
lower renewal rents, primarily in the mainland portfolio, the
timing of property sales and acquisitions, and the non-reinvestment
of $32.8 million of 1031 proceeds from 2010 and 2009 dispositions.
Properties sold under the Company’s 1031 program are generally
replaced within 180 days of the sale; however, revenue and
operating profit for the current period, as compared to a prior
period, may be lower because of the interim period that elapses
between sale and reinvestment, or if the proceeds are not
reinvested because a suitable replacement property that meets the
Company’s investment criteria cannot be found.
Mainland occupancy increased 3 percentage points due principally
to improved occupancy in industrial properties. Hawaii occupancy
declined 4 percentage points, primarily due to the July 2010
acquisition of Komohana Industrial Park, a fee simple, fully-zoned
35-acre industrial complex located in Kapolei, West Oahu, which is
currently 74-percent occupied.
Operating profit for the fourth quarter of 2010, before
subtracting amounts presented as discontinued operations, was 16
percent lower than 2009, principally due to lower renewal rents,
the timing of property sales and acquisitions, higher depreciation
expense from recently acquired properties and the non-reinvestment
of 1031 sales proceeds.
Leasable space decreased in the fourth quarter of 2010 compared
with 2009, due to acquisitions and dispositions in 2010 that are
detailed in the Dispositions and Acquisitions table below.
Real Estate Leasing – 2010 compared
with 2009
(dollars in millions)
2010 2009
Change Revenue
$ 94.4 $
103.2 -9 % Operating profit
$ 35.3 $ 43.2 -18
% Operating profit margin
37.4 %
41.9 % Average Occupancy Rates:
Mainland
85 % 85 % Hawaii
92 %
95 % Leasable Space (million sq.
ft.) - Improved Mainland
6.4 7.0 -9 % Hawaii
1.5 1.3 15 %
Real Estate Leasing revenue for 2010 was 9 percent lower than
the amount reported for 2009. The decrease was principally due to
lower mainland rents, the non-reinvestment of $32.8 million of 1031
proceeds in 2010, as well as the revenue impact resulting from the
timing of acquisitions and dispositions. Occupancy for the Hawaii
portfolio decreased 3 percentage points in 2010 as compared to
2009, primarily due to the July 2010 acquisition of Komohana
Industrial Park.
Operating profit was 18 percent lower in 2010, compared with
2009, principally due to the same reasons cited for the revenue
decrease.
Leasable space decreased in 2010 compared with 2009, principally
due to the following activity:
Dispositions Acquisitions
Date Property Leasable sq. ft
Date Property Leasable sq. ft
10-10 Ontario Distribution Center (CA) 898,400 11-10
Rancho Temecula (CA) 165,500 5-10 Valley Freeway (WA)
228,200 11-10 Lahaina Square (HI) 50,200 2-10 Kele Center (HI)
14,800 10-10 Little Cottonwood (UT) 141,600 1-10 Mililani Shopping
Center (HI) 180,300 7-10 Komohana (HI) 238,300 4-10 Lanihau
Marketplace (HI) 88,300 1-10 Meadows on the Parkway (CO) 216,400
Total Dispositions 1,321,700 Total Acquisitions
900,300
Real Estate Sales – Fourth quarter of
2010 compared with 2009
Quarter Ended December 31, (dollars in
millions)
2010 2009 Change Improved
property sales
$ 43.0 $ 58.1 -26
% Development sales
1.1 0.8 38 % Unimproved/other property
sales
5.4 5.3 2 % Total Revenue
$ 49.5 $ 64.2 -23 %
Operating profit before joint ventures
$ 18.3 $ 20.9
-12 % Equity in loss of joint ventures
(0.5 )
(0.5 ) -- % Total Operating Profit
$ 17.8 $ 20.4 -13
% Operating profit margin
36.0 %
31.8 %
The composition of sales in the fourth quarter of 2010 and 2009
are described below.
2010 Fourth Quarter: Real Estate Sales revenue and
operating profit, before subtracting amounts presented as
discontinued operations, were $49.5 million and $17.8 million,
respectively, and included the sales of Ontario Distribution Center
(Ontario, CA) and an unimproved land parcel on Maui. Revenue and
operating profit also included a $3.6 million gain from the
Company’s Lahaina Square debt acquisition and subsequent receipt of
title in lieu of foreclosure.
2009 Fourth Quarter: Real Estate Sales revenue and
operating profit, before subtracting amounts presented as
discontinued operations, were $64.2 million and $20.4 million,
respectively, principally related to the sales of the Pacific
Guardian Tower office property (Honolulu, HI), the Village at
Indian Wells retail center (Indian Wells, CA) and several
unimproved parcels on Maui.
Real Estate Sales – 2010 compared with
2009
(dollars in millions)
2010 2009
Change Improved property sales
$
113.7 $ 99.6 14 % Development sales
5.8
6.0 -3 % Unimproved/other property sales
16.6
20.0 -17 % Total Revenue
$ 136.1
$ 125.6 8 % Operating profit before joint ventures
$
48.1
$ 39.1
23
% Earnings from joint ventures/other
2.0
-- -- Total Operating Profit
$ 50.1
$ 39.1 28 % Operating profit margin
36.8 % 31.1 %
The higher revenue and operating profit results in 2010 were due
to the mix and timing of real estate sales in 2010 compared with
2009, as well as the timing of income earned from the Company’s
joint ventures. The composition of these sales is described
below.
2010: Real Estate Sales revenue and operating profit
primarily included the sales of Mililani Shopping Center, a retail
center in Hawaii, Ontario Distribution Center, an industrial
property in California, and Valley Freeway Corporate Park, an
industrial facility in Washington.
Operating profit also included $2.0 million of joint venture
earnings, principally due to $5.1 million in gains recognized on
the settlements of two mortgage loans owed to a project lender
under regulatory supervision, partially offset by a $1.9 million
impairment loss on the Company’s Santa Barbara joint venture
investment.
2009: Real Estate Sales revenue and operating profit
primarily included the sale of an office building and an industrial
facility on Oahu and a 214-acre agricultural parcel on Maui. Joint
venture income from completed development projects, principally
related to Bridgeport and Centre Point retail/office developments
in Valencia, California, were offset by the Company’s share of
marketing and other operating expenses of its Kukui’ula development
projects. Additionally, the Company recorded a $2.5 million
impairment loss related to its investment in its Ka Milo joint
venture project.
AGRIBUSINESS
As of December 1, 2009, the Company began consolidating the
results of the Hawaiian Sugar & Transportation Cooperative
(“HS&TC”) because the Company became the sole member. Since
HS&TC is a wholly-owned consolidated subsidiary, revenue
recognition on raw sugar and molasses sales occurs when HS&TC
delivers the sugar and molasses to the Company’s third-party
customers on the U.S. mainland. Prior to consolidation, the Company
recognized revenue when the raw sugar was delivered to HS&TC,
which occurred as sugar was produced and delivered to the sugar
warehouse on Maui, where title and risk of loss passed. As a result
of the HS&TC consolidation, the timing of revenue recognition
differs between 2010 and 2009 and results in year-over-year
variances.
Agribusiness – Fourth quarter of 2010
compared to 2009
Quarter Ended December 31, (dollars in
millions)
2010 2009
Change Revenue
$ 59.5 $ 27.6 2 X
Operating profit (loss)
$ 4.6 $ (0.8 ) NM Operating
profit margin
7.7 % -2.9
% Tons sugar produced
33,400 23,800 40 % Tons
sugar sold
63,400 21,800
3 X
Agribusiness revenue for the fourth quarter of 2010 increased
$31.9 million, more than double the revenue for the fourth quarter
of 2009. The increase was primarily due to $33.8 million in higher
bulk raw sugar revenue resulting from higher sales volume and
higher sugar prices, and higher molasses revenue largely from
higher volume. These increases were partially offset by $4.0
million in lower specialty sugar revenue due to lower sales
volume.
Operating profit for the fourth quarter of 2010 was $5.4 million
higher than 2009, due to an improvement in raw sugar margins
resulting from higher sugar prices, an increase in the full-year
volume of sugar production over which costs are allocated,
resulting in lower per unit costs, and higher sales.
Agribusiness – 2010 compared to
2009
(dollars in millions)
2010 2009
Change Revenue
$ 163.9 $
107.0 53 % Operating profit (loss)
$ 6.1 $
(27.8 ) NM Operating profit margin
3.7
% -26.0 % Tons sugar
produced
171,800 126,800
35 % Tons sugar sold
176,700
124,000 43 %
Agribusiness revenue increased $56.9 million in 2010 compared
with 2009. The increase was primarily due to $62.8 million in
higher bulk raw sugar revenue that was the result of higher sugar
prices and higher sales volume, as well as $3.3 million in higher
coffee revenues related to higher volume and prices. These
increases were partially offset by a $7.1 million reduction in
specialty sugar revenue due to lower sales volume.
Operating profit was $6.1 million in 2010 compared with an
operating loss of $27.8 million in 2009. The improvement in
operating profit was primarily due to a $33.4 million improvement
in raw sugar margins, resulting principally from higher sugar
prices, and an increase in the volume of sugar production over
which costs are allocated, resulting in lower per unit costs, and
increased sales. Operating profit also benefited from a $7.9
million increase in specialty sugar margins, due primarily to lower
per unit production costs previously described. The increase in
operating profit was partially offset by a $3.0 million reduction
in coffee results, principally due to a $1.9 million lower of cost
or market adjustment to coffee inventory in the first quarter of
2010, as well as a $2.8 million reduction in molasses margins due
principally to higher delivery costs and lower sales volume.
Sugar production in 2010 was 35 percent higher than in 2009 due
principally to higher average yields per acre. The higher yields in
2010 were principally the result of improved growing conditions and
factory enhancements.
CORPORATE EXPENSES
Corporate expenses of $4.5 million decreased by 29 percent, or
$1.8 million, in the fourth quarter of 2010, as compared to the
fourth quarter of 2009. The decrease is due principally to
decreases in contributions to the A&B Foundation in the fourth
quarter and in retirement expenses. For the full year 2010,
corporate expenses were $23.3 million, $1.5 million higher than
2009, due principally to higher expense related to senior executive
retirements.
CONDENSED CASH FLOW TABLE
Year Ended December 31, (Dollars in millions,
Unaudited)
2010 2009 Change Cash Flow
from Operating Activities
$ 150 $ 115
30 % Capital Expenditures (1) Transportation
(71 ) (13 ) 5 X Real Estate
(17 ) (14 )
21 % Agribusiness and other
(7 ) (4 )
75 % Total Capital Expenditures
(95 ) (31 ) 3 X
Other Investing Activities, Net
(55 )
-- NM Cash Used in Investing Activities
$ (150
) $ (31 ) 5 X Debt Borrowings (Repayments), Net
43 (34 ) NM Capital Stock Transactions, Net
7 (1 ) NM
Dividends Paid
(52 ) (52 ) -- % Cash
Used in Financing Activities
$ (2 ) $ (87 )
-98 % Net Decrease in Cash
$ (2
) $ (3 ) 33 %
(1) Excludes non-cash 1031 exchange
transactions and real estate development activity.
Alexander & Baldwin, Inc. is headquartered in Honolulu,
Hawaii and is engaged in ocean transportation and logistics
services through its subsidiaries, Matson Navigation Company, Inc.,
Matson Integrated Logistics, Inc. and Matson Global Distribution
Services; in real estate through A&B Properties, Inc.; and in
agribusiness through Hawaiian Commercial & Sugar Company and
Kauai Coffee Company, Inc. Additional information about A&B may
be found at its web site: www.alexanderbaldwin.com.
Statements in this press release that are not historical facts
are “forward-looking statements,” within the meaning of the Private
Securities Litigation Reform Act of 1995, that involve a number of
risks and uncertainties that could cause actual results to differ
materially from those contemplated by the relevant forward-looking
statement. These forward-looking statements are not guarantees of
future performance. This release should be read in conjunction with
our Annual Report on Form 10-K and our other filings with the SEC
through the date of this release, which identify important factors
that could affect the forward-looking statements in this
release.
ALEXANDER & BALDWIN, INC.
2010 and 2009 Fourth-Quarter and Full-Year
Results (Condensed)
(In Millions, Except Per Share Amounts,
Unaudited)
2010
2009
Three Months Ended
December 31:
Revenue
$ 461.4 $ 362.9 Income From Continuing
Operations
$ 8.5 $ 4.9 Discontinued Operations:
Properties1
$ 11.7 $ 15.2 Net Income
$
20.2 $ 20.1 Basic Earnings Per Share Continuing Operations
$ 0.21 $ 0.12 Net Income
$ 0.49 $ 0.49
Diluted Earnings Per Share Continuing Operations
$
0.20 $ 0.12 Net Income
$ 0.48 $ 0.49 Basic
Weighted Average Shares Outstanding
41.3 41.0 Diluted
Weighted Average Shares Outstanding
41.7 41.3
2010
2009
Year Ended December
31:
Revenue
$ 1,646.2 $ 1,396.6 Income From Continuing
Operations
$ 58.9 $ 9.0 Discontinued Operations:
Properties1
$ 33.2 $ 35.2 Net Income
$
92.1 $ 44.2 Basic Earnings Per Share Continuing Operations
$ 1.43 $ 0.22 Net Income
$ 2.23 $ 1.08
Diluted Earnings Per Share Continuing Operations
$
1.42 $ 0.22 Net Income
$ 2.22 $ 1.08 Basic
Weighted Average Shares Outstanding
41.2 41.0 Diluted
Weighted Average Shares Outstanding
41.5 41.1
1 “Discontinued Operations: Properties”
consists of sales, or intended sales, of certain lands and
buildings that are material and have separately identifiable
earnings and cash flows.
Industry Segment Data, Net Income
(Condensed)
(In Millions, Except Per Share Amounts,
Unaudited)
Three Months
Ended
December
31,
Year
Ended
December
31,
Revenue:
2010
2009
2010
2009
Transportation Ocean Transportation
$ 290.8 $ 234.8
$ 1,045.0 $ 888.6 Logistics Services
97.5 82.1
355.6 320.9 Real Estate Leasing
23.2 24.9
94.4
103.2 Sales
49.5 64.2
136.1 125.6 Less Amounts
Reported In Discontinued Operations
(43.3 ) (62.5 )
(122.5 ) (132.4 ) Agribusiness
59.5 27.6
163.9 107.0 Reconciling Items
(15.8 )
(8.2 )
(26.3 ) (16.3 ) Total
Revenue
$ 461.4 $ 362.9
$ 1,646.2 $
1,396.6
Operating Profit,
Net Income:
Transportation Ocean Transportation
$ 11.6 $ 13.5
$ 99.4 $ 58.3 Logistics Services
2.0 1.2
7.2 6.7 Real Estate Leasing
8.4 10.0
35.3 43.2
Sales
17.8 20.4
50.1 39.1 Less Amounts Reported In
Discontinued Operations
(18.3 ) (24.5 )
(51.9
) (57.0 ) Agribusiness
4.6 (0.8 )
6.1 (27.8 ) Total Operating Profit
26.1
19.8
146.2 62.5 Interest Expense
(6.2 ) (6.7 )
(25.5 ) (25.9 ) General Corporate Expenses
(4.5 ) (6.3 )
(23.3 )
(21.8 ) Income From Continuing Operations Before Income
Taxes
15.4 6.8
97.4 14.8 Income Taxes
6.9 1.9
38.5 5.8 Income From
Continuing Operations
8.5 4.9
58.9 9.0 Income from
Discontinued Operations
11.7 15.2
33.2 35.2 Net Income
$ 20.2 $ 20.1
$ 92.1 $ 44.2 Basic Earnings Per Share,
Continuing Operations
$ 0.21 $ 0.12
$
1.43 $ 0.22 Basic Earnings Per Share, Net Income
$
0.49 $ 0.49
$ 2.23 $ 1.08 Diluted
Earnings Per Share, Continuing Operations
$ 0.20 $
0.12
$ 1.42 $ 0.22 Diluted Earnings Per Share, Net
Income
$ 0.48 $ 0.49
$ 2.22 $ 1.08
Basic Weighted Average Shares Outstanding
41.3 41.0
41.2 41.0 Diluted Weighted Average Shares Outstanding
41.7 41.3
41.5 41.1
Consolidated Balance Sheets
(Condensed)
(In Millions, Unaudited)
December
31,2010
December
31,2009
ASSETS Current Assets
$ 264 $ 307 Investments
in Affiliates
329 242 Real Estate Developments
122 88
Property, Net
1,651 1,536 Other Assets
129
207 Total
$ 2,495 $ 2,380 LIABILITIES
& EQUITY Current Liabilities
$ 353 $ 297
Long-Term Debt, Non-Current Portion
386 406 Employee Benefit Plans
135 116 Other
Long-Term Liabilities
54 48 Deferred Income Taxes
431
428 Shareholders’ Equity
1,136 1,085 Total
$ 2,495 $ 2,380
Alexander and Baldwin (NYSE:ALEX)
過去 株価チャート
から 6 2024 まで 7 2024
Alexander and Baldwin (NYSE:ALEX)
過去 株価チャート
から 7 2023 まで 7 2024