Alexander & Baldwin, Inc. (NYSE:ALEX) Q4 2015 Earnings Conference Call - Final Transcript

Feb 25, 2016 • 05:00 pm ET


Alexander & Baldwin, Inc. (NYSE:ALEX) Q4 2015 Earnings Conference Call - Final Transcript


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Good day ladies and gentlemen and welcome to the 2015 Fourth Quarter and Full Year Earnings Call. My name is Tony and I will be your operator for today. [Operator Instructions] Later we will conduct a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to miss Suzy Hollinger, Director of Investor Relations. Please proceed.

Suzy Hollinger

Thank you, Tony. Hello and welcome to Alexander & Baldwin's Fourth Quarter and Full Year 2015 Earnings Call. On the call with me today are Chris Benjamin, President and CEO; and Paul Ito, Senior Vice President and CFO. Joining us for the Q&A portion of the call are George Morvis, A&B Vice President, Corporate Development; and Lance Parker, President of A&B Properties.

Before we commence, please note that statements in this call and presentation that are not historical facts or forward looking statements within the meaning of the private securities litigation reform act of 1995 that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward looking statements.

Factors that could cause actual results to differ materially from those contemplated in the statements include without limitation, those described on pages 17 to 30 of the Company's 2014 Annual Report on Form 10-K, and in other subsequent filings with the SEC. These forward looking statements are not guarantees of future performance and we do not undertake any obligation to update our forward looking statements.

Management will be referring to non-GAAP financial measures when discussing results today. Included in the appendix of today's presentation slides is a statement regarding our use of these non-GAAP financial measures and required reconciliation. Slides from this presentation are available for download at our website

We will start with Chris, who will comment on full year performance highlights and provide an update on operations. Paul will follow with a discussion of the quarter and full year financial performance and metrics. Chris will return for closing remarks and to open it up for your questions. Chris?

Christopher J. Benjamin

Thank you, Suzy and good afternoon to our listeners. 2015 was a successful year for A&B as we advanced many important initiatives and headstrong results from our real estate and materials and construction segments. As we described in our January 7th, investor call, the decision to cease sugar operations was a difficult one. But we're progressing in our efforts to implement that change and minimize its financial impacts. The earnings guidance we provided on that call remains unchanged and we will be starting our final harvest next week.

We continue to expect the cessation to be a cash flow neutral event and we'll be focused on facilitating a smooth transition for our employees. In addition to successfully managing the final sugar harvest and transitioning the plantation to a diversified ag model, we have a handful of strategic priorities that continue to guide our actions for 2016. I will organize my remarks today around these priorities, including how we advanced them in