Fri, Jul 26, 10:07 AM (43 days ago)
Alexander & Baldwin, Inc. (A&B) reported its financial results for the quarter ended June 30, 2024. Key financial highlights include: - **Operating Revenue**: $51.0 million, down 3.9% year-over-year, primarily due to lower revenue from Land Operations. - **Operating Income**: $16.2 million, nearly flat year-over-year. - **Net Income**: $9.1 million, a decrease from $15.0 million in the prior year, primarily due to a $2.6 million loss from discontinued operations related to the resolution of legacy liabilities. - **Commercial Real Estate (CRE)**: Revenue decreased slightly by 0.7% to $49.2 million. CRE operating profit was stable at $22.6 million. - **Land Operations**: Revenue fell to $1.8 million from $3.6 million due to lower unimproved land sales. Operating profit decreased to $0.2 million from $1.7 million. - **Cash Flow**: Operating cash flows from continuing operations increased to $39.6 million from $37.9 million. Cash used in investing activities was $8.1 million, primarily for capital expenditures. - **Debt Management**: Issued a $60.0 million note under a new agreement, repaid $74.0 million of debt, and had $57.0 million in borrowings outstanding under its revolving credit facility. - **Dividends**: Paid $32.6 million in cash dividends. Overall, A&B's financial health remains stable, supported by its CRE segment, despite challenges in its Land Operations and legacy liabilities.