Alexander & Baldwin Inc. today reported earning a first-quarter net income of $17.3 million that represents a "solid" start for the year and an increase from a $3 million profit in the same period last year.

The Honolulu-based company said better real estate sales and ocean transportation combined with prior operating cost cuts helped boost earnings.

Revenue for the first quarter totaled $345 million, up from $315.3 million in the 2009 first quarter.

"All in all, we are encouraged by what we see both inside and outside the company," Stan Kuriyama, A&B's president and chief executive officer, said in a statement. "While it is premature to establish any definitive trends or a firm outlook, we are pleased that our first quarter performance in our various lines of business has generally met or exceeded our expectations."

A&B shares were down 64 cents at $36.26 in late trading on the New York Stock Exchange.