Alexander & Baldwin 2Q profit dips 7.5%

HONOLULU — Alexander & Baldwin Inc., parent of Matson Navigation Co., said Friday its second-quarter earnings declined 7.5 percent on rising fuel prices, softer transportation volume, slowing real estate sales and unfavorable weather.

The ocean shipping and real estate company said it earned $29.6 million, or 71 cents per share, down from $32 million, or 74 cents per share, during the same period last year.

Analysts surveyed by Thomson Financial expected a profit of 78 cents per share.

Revenue rose 8.6 percent to $463.9 million from $426.9 million.

The company said its Ocean Transportation segment earned a $37 million operating profit, down $1.7 million from the same period last year, on volume declines and fuel price increases. Shares of Alexander & Baldwin fell 80 cents to $42.94 in regular trading before rising to $43.99 after hours.

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