Loading...
•
Mar 31, 2021
Alexander & Baldwin Q1 2021 Earnings Report
Reported improved results in Q1 2021 with a steady recovery in Hawai‘i's economy and better-than-expected performance across business segments.
Key Takeaways
Alexander & Baldwin reported a strong start to 2021, driven by the recovery of Hawai‘i's economy. The company saw improvements across all business segments, particularly in commercial real estate, and made progress in simplifying its business and generating cash through strategic asset sales.
Net income available to A&B common shareholders was $9.9 million, or $0.14 per share, compared to $6.2 million, or $0.09 per share, in the same quarter of 2020.
Commercial Real Estate (CRE) Net Operating Income (NOI) increased by 17% over the prior quarter.
Cash proceeds totaled approximately $29 million from joint venture distributions, Kukui‘ula joint venture projects, and non-core land sales.
Overall leased occupancy was 93.8% as of March 31, 2021, a decrease of 110 basis points compared to March 31, 2020.
Revenue by Segment
Forward Guidance
While the report does not explicitly provide forward guidance, it expresses optimism for improved performance in the Commercial Real Estate business and continued progress in selling non-core assets.
Positive Outlook
- Hawai‘i's economy is recovering steadily.
- Each business segment posted better results than expected in the first quarter.
- Commercial Real Estate business is strengthening due to improved tenant performance.
- Strategic approach to tenants over the past year has positioned the company to benefit from the recovery.
- The company is capitalizing on robust demand for Hawai‘i-based real estate and operating assets.
Challenges Ahead
- Certain impacts from the COVID-19 pandemic continue.
- Materials & Construction operating loss was $4.0 million in the first quarter of 2021, as compared to a $3.3 million loss in the first quarter of 2020.
- CRE revenue of $39.9 million was $3.5 million, or 8.1%, less than the $43.4 million of pre-COVID results in the same quarter of 2020.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...