UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549


                                    FORM 8-K


                                 CURRENT REPORT
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


       Date of Report (Date of earliest event reported):  April 26, 2006

                            ALEXANDER & BALDWIN, INC.
             (Exact name of registrant as specified in its charter)


           Hawaii                          0-565                99-0032630
           ------                          -----                ----------
(State or other jurisdiction of   (Commission File Number)   (I.R.S. Employer
- -------------------------------   ------------------------   ----------------
       incorporation)                                        Identification No.)
       --------------                                        -------------------

                       822 Bishop Street, P. O. Box 3440
                            Honolulu, Hawaii 96801
                            ----------------------
              (Address of principal executive office and zip code)

                                 (808) 525-6611
                                 --------------
              (Registrant's telephone number, including area code)

                                  Not Applicable
                                  --------------
         (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2.):

 _
|_|  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)
 _
|_|  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)
 _
|_|  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))
 _
|_|  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition - --------------------------------------------------------- Alexander & Baldwin, Inc. issued a press release on April 26, 2006, announcing its 2006 first quarter earnings. This information, attached as Exhibit 99.1, is being furnished to the SEC pursuant to Item 2.02 of Form 8-K. Item 9.01 Financial Statements and Exhibits - -------------------------------------------- (d) Exhibits -------- 99.1 Press Release announcing 2006 first quarter earnings issued on April 26, 2006. SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 26, 2006 ALEXANDER & BALDWIN, INC. /s/ Christopher J. Benjamin --------------------------------- Christopher J. Benjamin Senior Vice President and Chief Financial Officer

For further information, contact:
  Christopher J. Benjamin, SVP & CFO
  Phone:  808-525-8405
  E-mail:  cbenjamin@abinc.com

                                                     HOLD FOR RELEASE:
                                                     6:30 P.M. EASTERN DAYLIGHT
                                                     Wednesday, April 26, 2006

            A&B REPORTS 1st QUARTER 2006 NET INCOME OF $37.4 MILLION
            --------------------------------------------------------


         Honolulu (April 26, 2006)--Alexander & Baldwin, Inc. (NASDAQ:ALEX)
today reported that net income for the first quarter of 2006 was $37,400,000, or
$0.84 per fully diluted share. Net income in the first quarter of 2005 was
$37,700,000, or $0.86 per fully diluted share. Revenue in the first quarter of
2006 was $362,200,000, compared with revenue of $364,600,000 in the first
quarter of 2005.

COMMENTS ON QUARTER & OUTLOOK

         "From both operating and financial perspectives, 2006 is off to a good
start," said Allen Doane, president and chief executive officer of A&B. "Matson
launched its Guam and China services, and we are pleased to report that
performance to date is in line with our expectations. Our A&B Properties
subsidiary continued to achieve significant milestones, completing sales at one
major development and moving forward several other important developments.

         "Matson's financial performance was negatively impacted by the
previously disclosed termination of our alliance with APL. We expect the gap
between the loss of APL-related earnings and earnings generated by our new Guam
and China services to moderate toward the second half of the year. In the Hawaii
trade, increases in container yields were offset by lower automobile volumes and
yields and higher costs, especially fuel price increases that outpaced increases
in our fuel surcharge, as well as reduced contributions from a stevedoring joint
venture. Our logistics services business, Matson Integrated Logistics, continued
its significant growth in earnings, up 57 percent year over year.

         "The real estate segments continued their strong performance.
Highlights of the quarter included a substantial contribution from the January
closing of all sales at our highly successful Hokua joint venture residential
condominium development. In addition, the leased properties portfolio performed
particularly well, reflecting extremely high occupancy rates. Based on the first
quarter's accomplishments, we believe real estate is well positioned for another
excellent year.

         "Food products segment operating profit in first quarter 2006 was lower
than the comparable quarter a year ago due to the receipt of a one-time payment
from the federal government in the year ago period. Recent inclement weather
delayed the start of the sugar harvest, but contributed to higher profits from
power sales. Overall, A&B's Hawaii operations stood up well given the first
quarter's unprecedented rainfall.

         "Hawaii's economy continues to perform at a high level. While home
sales are slowing and the double digit price increases experienced over the past
few years are showing signs of moderating in the first quarter 2006, the
absolute level of home prices remains high - up 14 percent year over year on
Maui, 18 percent on Oahu, and 27 percent on Kauai.


         "In summary, we are pleased with the first quarter results, and expect
that real estate profitability for the year should meet or exceed our growth
targets. Consistent with earlier guidance, we expect lower full-year
consolidated earnings due to the termination of the APL Alliance and the launch
of the new Guam and China services. However, we continue to benefit from
strategies the Company has undertaken in the past several years that are
materially reducing, on a consolidated basis, the 2006 impact of Guam and China.
Our outlook for 2007, while still formative, is positive."




TRANSPORTATION--OCEAN TRANSPORTATION
- --------------------------------------------------------------------------------
                                             Quarter Ended March 31
- --------------------------------------------------------------------------------
Dollars in Millions                  2006           2005          Change
- --------------------------------------------------------------------------------
                                                          
  Revenue                          $ 219.3        $ 206.2            6%
  Operating Profit                 $  18.3        $  29.7          -38%
- --------------------------------------------------------------------------------
Volume (Units)
- --------------------------------------------------------------------------------
  Hawaii Containers                 41,800         41,400            1%
  Hawaii Automobiles                31,800         35,600          -11%
  Guam Containers                    3,800          4,000           -5%
- --------------------------------------------------------------------------------


         For the first quarter of 2006, Ocean Transportation revenue of $219.3
million was $13.1 million, or 6 percent, higher than the first quarter of 2005.
This increase was due to China service revenue, improved yields, and increases
in the bunker fuel surcharge necessitated by higher fuel costs, offset by lower
volumes of Hawaii automobiles. Total Hawaii container volume was slightly higher
than the first quarter of 2005, while total Hawaii automobile volume was 11
percent lower.

         Operating profit of $18.3 million was $11.4 million, or 38 percent,
lower than the first quarter of 2005. This decrease was primarily the result of
the termination of the APL Alliance, lower profitability in the Hawaii trade,
and lower equity in the earnings of SSA Terminals, LLC, (SSAT) of which Matson
is a minority owner, due primarily to a $3.2 million favorable adjustment in the
2005 quarter for 2004 performance. The decrease in profit was partially offset
by a $3.3 million gain on the sale of two surplus and obsolete vessels during
the quarter.

         The Guam and China services succeed the former 10-year APL Alliance in
which Matson and APL shared vessel deployments. Following six weeks of operation
during the first quarter, results for the Guam and China services have met
expectations, with higher than anticipated volumes more than offsetting lower
than planned yields. Revenue for the Guam and China services, however, was
insufficient to offset decreases in revenue from the termination of the charter
hire arrangement with APL and start up costs for the new services.

         Increased container yields in the Hawaii trade were more than offset by
reductions in vehicle volume and yields and increases in vessel and other
operating costs. Competitive pressures from the entry of a dedicated car
carrying vessel at the end of the first quarter 2005 contributed to the
reduction in auto volumes during the 2006 first quarter. The financial impact of
this reduction, however, was somewhat muted because it reduced the number of
cars carried in containers, a more expensive mode of shipment than the Company's
primary roll-on/roll-off mode. Fuel surcharge revenue in the first quarter did
not fully offset a 64 percent increase in fuel prices. The average price per
barrel of fuel consumed in first quarter 2006 was $51.70, versus $31.52 in the
first quarter of 2005.

         As noted, the decline in SSAT financial results is primarily
attributable to a year-end 2004 closing adjustment at SSAT that positively
impacted Matson's first quarter 2005 results. The outlook for this investment
remains favorable, based on expected increases in West Coast port volumes at the
terminals which SSAT operates.




TRANSPORTATION--LOGISTICS SERVICES
- --------------------------------------------------------------------------------
                                          Quarter Ended March 31
- --------------------------------------------------------------------------------
Dollars in Millions                 2006              2005        Change
- --------------------------------------------------------------------------------
                                                          
  Revenue                          $ 108.4           $ 96.1        13%
  Operating Profit                 $   4.7           $  3.0        57%
- --------------------------------------------------------------------------------


         Logistics Services revenue of $108.4 million was $12.3 million, or 13
percent, higher than the first quarter of 2005. Operating profit of $4.7 million
was 57 percent higher than the comparable period last year. Revenue and
operating profit improvements were the result of improved yields in all business
lines and increased customer volumes in the domestic, highway and expedited
business lines, partially offset by lower international volumes.

         The operating profit margin for the logistics services business was 4.3
percent in the first quarter of 2006, compared with 3.1 percent for the first
quarter of 2005, due in part to the strategic shift toward the higher-margin
highway brokerage business line.



REAL ESTATE--LEASING
- --------------------------------------------------------------------------------
                                              Quarter Ended March 31
- --------------------------------------------------------------------------------
Dollars in Millions                      2006            2005       Change
- --------------------------------------------------------------------------------
                                                           
  Revenue                               $ 24.6          $ 21.9      12%
  Operating Profit                      $ 12.1          $ 10.7      13%
- --------------------------------------------------------------------------------
Occupancy Rates
- --------------------------------------------------------------------------------
  Mainland                                 97%             96%       1%
  Hawaii                                   98%             90%       8%
- --------------------------------------------------------------------------------
Leasable Space (Million sq. ft.)
- --------------------------------------------------------------------------------
  Mainland                                 3.7             3.4       9%
- --------------------------------------------------------------------------------
  Hawaii                                   1.6             1.7      -6%
- --------------------------------------------------------------------------------


         Real estate leasing revenue for the first quarter of 2006 (before
removing amounts treated as discontinued operations) of $24.6 million was $2.7
million, or 12 percent, higher than the first quarter of 2005. Operating profit
of $12.1 million was $1.4 million, or 13 percent, higher than the first quarter
of 2005. The improved revenue and operating profit resulted from property
acquired subsequent to the first quarter of 2005, as well as higher occupancy
rates in both Hawaii and the Mainland. High occupancy rates of 98% and 97% for
the Hawaii and Mainland properties, respectively, are a reflection of both the
high quality of the Company's properties as well as the strong economic
performance of the markets in which these properties are located.

         In the first quarter of 2006, the Company acquired a two-building
office complex, Ninigret Business Park, in Salt Lake City and, as detailed
below, sold one Hawaii office building and several neighbor island parcels, some
of which were subject to ground leases.



REAL ESTATE--SALES
- --------------------------------------------------------------------------------
                                           Quarter Ended March 31
- --------------------------------------------------------------------------------
Dollars in Millions                   2006          2005          Change
- --------------------------------------------------------------------------------
                                                           
  Revenue                            $ 23.8        $ 45.9           -48%
  Operating Profit                   $ 27.1        $ 16.5            64%
- --------------------------------------------------------------------------------


         Although real estate sales revenue in the first quarter of 2006 of
$23.8 million was $22.1 million, or 48 percent, lower than the first quarter of
2005, operating profit from property sales of $27.1 million was $10.6 million,
or 64 percent, higher than first quarter 2005. Operating profit for the quarter
exceeds revenue due to income from investments in joint ventures, which is
included in operating profit, but not in segment revenue.

         In the first quarter of 2006, sales included an office building in
Wailuku, Maui, three commercial parcels totaling 4.6 acres on Maui, a commercial
property on Oahu and a parcel on Kauai. In addition, in the first quarter of
2006, sales of all 247 residential condominium units and a commercial space at
the Company's Hokua joint venture closed, as did the sale of a parcel of land in
Valencia, California owned by a separate joint venture.

         Property sales during the first quarter of 2005 included two Mainland
income properties; 5-1/2 floors at Alakea Corporate Tower, a Honolulu office
condominium; a development parcel at Wailea; a commercial development parcel in
Waikiki; and multiple subdivision lot sales.

         Discontinued operations in the first quarter of 2006 included the
office building and the fee interests in the three parcels on Maui. The amounts
reported as continuing and discontinued operations in prior quarters are
restated each time a property is designated as discontinued.



FOOD PRODUCTS
- --------------------------------------------------------------------------------
                                      Quarter Ended March 31
- --------------------------------------------------------------------------------
Dollars in Millions            2006            2005         Change
- --------------------------------------------------------------------------------
                                                    
  Revenue                     $ 15.5          $ 22.4         -31%
  Operating Profit            $  6.5          $  9.0         -28%
- --------------------------------------------------------------------------------
Tons Sugar Produced              800          19,500         -96%
- --------------------------------------------------------------------------------


         Food products revenue of $15.5 million decreased $6.9 million or 31
percent compared with the first quarter 2005 due mainly to a $5.5 million
payment received last year as part of an agricultural disaster relief program
and a $4.9 million reduction in sugar sales, partially offset by $1.3 million
for higher power sales. These factors resulted in a $2.5 million decrease in
operating profit as compared to the first quarter of 2005.

         Sugar production was substantially lower than 2005 because operations
commenced one month later than the prior year, and adverse weather hindered
field and factory operations.

CORPORATE EXPENSE, STOCK OPTION EXPENSE, TAX RATE

         For the first quarter of 2006, corporate expenses of $5.2 million
approximated the prior year quarter. First quarter 2006 earnings included
$639,000 of expenses ($396,000 after tax) related to stock options as a result
of adoption of FASB Statement No. 123 (revised), Share-Based Payment, on January
1, 2006. This equaled $0.01 per fully diluted share after tax. The tax rate was
38 percent for both the first quarter of 2006 and 2005. That rate approximates
the Company's statutory combined federal and state tax rate.

BALANCE SHEET, CASH FLOW COMMENTS

         Working capital increased by $26 million since year-end 2005, primarily
the combined result of higher cash balances and inventories, partially offset by
lower accounts receivable. A portion of the cash balances, along with the $112
million capital construction fund balance, is expected to be used in connection
with the purchase of a containership later in the year. Additional cash will be
invested in real estate development projects. Of note, and as disclosed in a
Form 8-K filing last week, the Company has entered into a ten-year
term-financing agreement with Prudential Investment Management, Inc. to borrow
$125 million in three tranches drawn between December, 2006 and June, 2007 at
fixed rates of 5.53%, 5.55% and 5.56%, respectively.

         Comparing the cash flows in the first quarters of 2006 and 2005, cash
flows from operating activities declined by $5 million. Capital expenditures for
the quarter increased $38 million over the same period in 2005, primarily as a
result of equipment purchases for the new China service. The net increase in
cash and cash equivalents was $25 million in the first quarter of 2006, versus
$27 million in the first quarter of 2005.

         Alexander & Baldwin, Inc., headquartered in Honolulu, is engaged in
ocean transportation and intermodal services, through its subsidiaries, Matson
Navigation Company, Inc. and Matson Integrated Logistics, Inc.; in real estate,
through A&B Properties, Inc.; and in food products, through Hawaiian
Commercial & Sugar Company and Kauai Coffee Company, Inc. Additional information
about A&B may be found at its web site: www.alexanderbaldwin.com.
                                        ------------------------

         Statements in this press release that are not historical facts are
"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 statement. These forward-looking statements are not
guarantees of future performance. This release should be read in conjunction
with our Annual Report on Form 10-K and our other filings with the SEC through
the date of this release, which identify important factors that could affect the
forward-looking statements in this release.

ALEXANDER & BALDWIN, INC. ------------------------- 2006 and 2005 First-Quarter Results (Condensed) ----------------------------------------------- 2006 2005 ---- ---- Three Months Ended March 31: Revenue $362,200,000 $364,600,000 Income From Continuing Operations $27,900,000 $33,400,000 Discontinued Operations: Properties(1) $9,500,000 $4,300,000 Net Income $37,400,000 $37,700,000 Basic Share Earnings Continuing Operations $0.64 $0.77 Net Income $0.85 $0.87 Diluted Share Earnings Continuing Operations $0.63 $0.76 Net Income $0.84 $0.86 Average Shares Outstanding 43,900,000 43,400,000 Diluted Average Shares Outstanding 44,300,000 44,000,000 (1) "Discontinued Operations: Properties" consists of sales, or intended sales, of certain lands and buildings that are material and have separately identifiable earnings and cash flows. Industry Segment Data, Net Income (Condensed) (In Millions, Except Per Share Amounts, Unaudited) Three Months Ended ------------------ March 31, --------- 2006 2005 ---- ---- Revenue: Transportation Ocean Transportation $ 219.3 $ 206.2 Logistics Services 108.4 96.1 Real Estate Leasing 24.6 21.9 Sales 23.8 45.9 Less Amounts Reported In Discontinued Operations (23.3) (26.4) Food Products 15.5 22.4 Reconciling Items (6.1) (1.5) --------------- ---------------- Total Revenue $ 362.2 $ 364.6 =============== ================ Operating Profit, Net Income: Transportation Ocean Transportation $ 18.3 $ 29.7 Logistics Services 4.7 3.0 Real Estate Leasing 12.1 10.7 Sales 27.1 16.5 Less Amounts Reported In Discontinued Operations (15.2) (7.0) Food Products 6.5 9.0 --------------- ---------------- Total Operating Profit 53.5 61.9 Interest Expense (3.2) (2.8) Corporate Expenses (5.2 (5.3) --------------- ---------------- Income From Continuing Operations Before Income Taxes 45.1 53.8 Income Taxes (17.2) (20.4) ---------------- ---------------- Income From Continuing Operations 27.9 33.4 Discontinued Operations: Properties 9.5 4.3 --------------- ---------------- Net Income $ 37.4 $ 37.7 =============== ================ Basic Earnings Per Share, Continuing Operations $ 0.64 $ 0.77 Basic Earnings Per Share, Net Income $ 0.85 $ 0.87 Diluted Earnings Per Share, Net Income $ 0.84 $ 0.86 Average Shares 43.9 43.4 Diluted Shares 44.3 44.0 Consolidated Balance Sheets (Condensed) --------------------------------------- (In Millions) March 31, December 31, --------- ------------ 2006 2005 ---- ---- (Unaudited) ASSETS Current Assets $ 330 $ 303 Investments 115 154 Real Estate Developments 83 71 Property, Net 1,321 1,289 Capital Construction Fund 112 93 Other Assets 166 161 ----------- ----------- Total $ 2,127 $ 2,071 =========== =========== LIABILITIES & EQUITY Current Liabilities $ 255 $ 254 Long-Term Debt 294 296 Post-Retirement Benefit Obligs. 48 47 Other Long-Term Liabilities 61 45 Deferred Income Taxes 421 415 Shareholders' Equity 1,048 1,014 ----------- ----------- Total $ 2,127 $ 2,071 =========== =========== Consolidated Statements of Cash Flows (Condensed) ------------------------------------------------- (In Millions) Three Months Ended ------------------ March 31, --------- 2006 2005 ---- ---- (Unaudited) Operating Cash Flows $ 41 $ 46 Capital Expenditures (47) (9) CCF Withdrawals/(Deposits), Net (18) 2 Proceeds From Issuance of (Payment of) Debt, Net (2) (7) Dividends Paid (10) (10) Disposal of Assets/Other, Net 61 5 ----------- ----------- Increase/(Decrease) In Cash $ 25 $ 27 =========== =========== Depreciation $ (21) $ (20) =========== =========== #####