Earnings Call Excerpt
Alexander & Baldwin Inc. (AXB)
Q4 2008 Earnings Call
February 4, 2009 2:00 pm ET
Executives
Kevin Halloran – Vice President of Corporate Development and Investor Relations
Allen Doane – Chairman and Chief Executive Officer
Stan Kuriyama – President
Chris Benjamin – Senior Vice President, Chief Financial Officer and Treasurer
Matt Cox – President of Matson Navigation
Analysts
Jonathan Habermann – Goldman Sachs
Kevin Sterling – Stephens Inc.
Brendan Maiorana – Wachovia
Sheila McGrath – Keefe, Bruyette & Woods
Presentation
Operator
Welcome to the fourth quarter and full year 2008 Alexander & Baldwin earnings conference call. (Operator Instructions) I would now like to turn the presentation over to your host for today’s conference, Vice President Corporate Development and Investor Relations, Mr. Kevin Halloran. Sir, you may proceed.
Kevin Halloran
Before we commence, I should note that statements in this call and presentation that set forth expectations or predictions are based on facts and situations that are known to us as of today, February 4, 2009. Actual results may differ materially due to risks and uncertainties such as those described on pages 16 through 23 of the Form 10-K in our 2007 Annual Report and our other subsequent filings with the SEC. Statements in this call and presentation are not guarantees of future performance.
I would also note that slides from this presentation are available for download at our website www.alexanderbaldwin.com. You will see an icon at the top of the website to direct you to the appropriate sections so that you might follow along.
Now to the call. Joining me today from Oakland, California are Allen Doane, Chairman and Chief Executive Officer of A&B, and Matt Cox, President of Matson Navigation. From Honolulu, we have Stan Kuriyama, President, and Chris Benjamin, Senior Vice President Chief Financial Officer and Treasurer of Alexander & Baldwin. Slide two provides an agenda for our presentation after which we will take your questions.
We will start with Allen, who will provide insight into the performance for the year and an overview of how we are looking out into 2009. Allen?
Allen Doane
I am pleased to report that we posted a favorable 2008 result earning over $132 million, which was slightly below the peak earnings we achieved in 2007. We’re quite satisfied by the result but recognize that our 2009 earnings prospects have been diminished by the economic contraction in all the markets where we operate.
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