NYSE$ALEX
Alexander & Baldwin Inc · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
Reported improved results in Q1 2021 with a steady recovery in Hawai‘i's economy and better-than-expected performance across business segments.
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.
Headline financials
Revenue & EPS history
Alexander & Baldwin · Revenue · Quarterly
$81M
Revenue by segment
Alexander & Baldwin · $51.6M total across 2 segments · Q1 2021
- Commercial Real Estate$39.9M-8.1%77.3%
- Land Operations$11.7M+1.8%22.7%
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.
Tailwinds
- 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.
Headwinds
- 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.
- CRE NOI of $25.3 million was $3.6 million, or 12.4%, less than the $28.9 million of pre-COVID results in the same quarter of 2020.
- Same-Store NOI of $24.7 million was $3.6 million, or 12.6%, less than the $28.3 million of pre-COVID results in the same quarter of 2020.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 8 quarterly earnings reports
-0.0%
Avg return
Earnings day
+1.1%
Avg return
5 days after
+1.3%
Avg return
30 days after
47%
28 / 60 earnings
Positive
+8.9%
Q4 2013
Best reaction
-14.4%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | — | — | — | |
| Q3 2025 | -6.3% | -5.3% | -6.1% | |
| Q2 2025 | +2.1% | +0.5% | +5.5% | |
| Q1 2025 | -2.4% | +2.9% | +3.1% | |
| Q4 2024 | +0.6% | -2.5% | -4.2% | |
| Q3 2024 | +2.6% | +3.7% | +5.8% | |
| Q2 2024 | +6.8% | +8.4% | +6.3% | |
| Q1 2024 | +1.2% | +2.9% | +2.9% | |
| Q4 2023 | -4.2% | -1.9% | -2.9% | |
| Q3 2023 | +4.7% | — | — | |
| Q2 2023 | -1.0% | — | — | |
| Q1 2023 | -1.0% | — | — | |
| Q4 2022 | -0.3% | — | — | |
| Q3 2022 | +5.9% | — | — | |
| Q2 2022 | +4.2% | — | — | |
| Q1 2022 | -2.5% | — | — | |
| Q4 2021 | +1.7% | — | — | |
| Q3 2021 | +1.4% | — | — | |
| Q2 2021 | +5.1% | — | — | |
| Q1 2021 | +1.9% | — | — | |
| Q4 2020 | -5.5% | — | — | |
| Q3 2020 | +6.6% | — | — | |
| Q2 2020 | -0.6% | — | — | |
| Q1 2020 | -14.4% | — | — | |
| Q4 2019 | -8.7% | — | — | |
| Q3 2019 | -3.8% | — | — | |
| Q2 2019 | -0.3% | — | — | |
| Q1 2019 | +2.6% | — | — | |
| Q4 2018 | -7.4% | — | — | |
| Q3 2018 | +8.2% | — | — | |
| Q2 2018 | +1.6% | — | — | |
| Q1 2018 | -2.3% | — | — | |
| Q4 2017 | +4.0% | — | — | |
| Q3 2017 | -5.0% | — | — | |
| Q2 2017 | +0.3% | — | — | |
| Q1 2017 | -7.4% | — | — | |
| Q4 2016 | -3.2% | — | — | |
| Q3 2016 | +8.0% | — | — | |
| Q2 2016 | +3.2% | — | — | |
| Q1 2016 | -3.2% | — | — | |
| Q4 2015 | +0.6% | — | — | |
| Q3 2015 | -0.3% | — | — | |
| Q2 2015 | -4.2% | — | — | |
| Q1 2015 | +6.4% | — | — | |
| Q4 2014 | -0.7% | — | — | |
| Q3 2014 | +4.2% | — | — | |
| Q2 2014 | -1.1% | — | — | |
| Q1 2014 | +0.4% | — | — | |
| Q4 2013 | +8.9% | — | — | |
| Q3 2013 | -0.3% | — | — | |
| Q2 2013 | -3.4% | — | — | |
| Q1 2012 | -2.5% | — | — | |
| Q1 2013 | +1.2% | — | — | |
| Q1 2011 | -0.4% | — | — | |
| Q4 2010 | -0.4% | — | — | |
| Q4 2012 | +0.6% | — | — | |
| Q3 2011 | -1.7% | — | — | |
| Q3 2012 | -0.3% | — | — | |
| Q2 2011 | -1.2% | — | — | |
| Q4 2011 | -1.2% | — | — | |
| Q2 2012 | +1.4% | — | — |
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