Alexander & Baldwin (NYSE: ALEX) reported Q1 EPS of $0.06, ex-items, $0.14 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $108.8 million versus the consensus estimate of $137.11 million.

"We are very pleased with the performance of our commercial assets during the quarter and the progress we're making in repositioning the portfolio. Leasing Net Operating Income (NOI) was up 7.2% to $22.4 million1, while occupancy remained high at 94%. More importantly, we advanced the migration and expansion of our commercial assets through both the Januaryacquisition of the 139,300-square-foot Manoa Marketplace—the second largest grocery-anchored center in urban Honolulu—and the continued identification and execution of growth opportunities in our existing Hawaii assets," said Chris Benjamin, A&B president & CEO. "A lull in real estate sales during the quarter resulted in an operating loss from our Development business, but we look forward to stronger sales later in the year, particularly the closings of units at The Collection in the fourth quarter. Our Materials & Construction segment continues to perform well, generating EBITDA in the quarter of $10.4 million1, and its outlook remains positive due to a healthy paving backlog. Notwithstanding the significant book losses related to the cessation of sugar operations, the final harvest is progressing on schedule and we continue to expect that the cessation will be neutral from a cash perspective. Additionally, we're advancing our crop trials and diversified agriculture research."

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