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):
                                 October 23, 2003



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


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



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


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





Item 12. Disclosure of Results of Operations and Financial Condition - --------------------------------------------------------------------- Alexander & Baldwin, Inc. issued a press release on October 23, 2003, announcing its 2003 third quarter consolidated earnings. This information, attached as Exhibit 99.1, is being furnished to the SEC pursuant to Item 12 of Form 8-K. (a) Exhibits -------- 99.1 Press Release announcing 2003 third quarter consolidated earnings issued on October 23, 2003. 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 thereunto duly authorized. Date: October 23, 2003 ALEXANDER & BALDWIN, INC. By: /s/ James S. Andrasick ---------------------- James S. Andrasick Executive Vice President, Chief Financial Officer and Treasurer

*-- 1 --



For further information, contact:
   John B. Kelley, Vice President
   Phone 808-525-8422
   E-mail: invrel@abinc.com


                                                      HOLD FOR RELEASE:
                                                      6:30 P.M. EASTERN TIME
                                                      Thursday, October 23, 2003

            A&B REPORTS 3RD QUARTER 2003 EARNINGS OF $21.7 MILLION
            ------------------------------------------------------
                          3rd Quarter Results Up 22%

         Honolulu (October 23, 2003) -- Alexander & Baldwin, Inc. (NASDAQ:ALEX)
today reported third quarter 2003 net income of $21,700,000, or $0.52 per share.
Net income in the third quarter of 2002 was $17,800,000, or $0.43 per share.
Revenue in the third quarter of 2003 was $316,700,000, compared with revenue of
$292,500,000 in the third quarter of 2002.

         Net income for the first nine months of 2003 was $62,500,000, or $1.51
per share. For the first nine months of 2002, the Company reported net income of
$40,800,000, or $1.00 per share. Revenue in the first nine months of 2003 was
$904,800,000, compared with $806,100,000 in the first nine months of 2002.

COMMENTS ON QUARTER, OUTLOOK

         "Third quarter performance was strong, a reflection of excellent
performance at both Matson and A&B Properties," said Allen Doane, president and
chief executive officer of A&B. "These two businesses represent about 90 percent
of A&B's assets. As reported previously, food products' results were expected
to, and did, lag the prior year.

         "Matson has regained its operating momentum, returning to profitability
levels necessary for long-term investment in the business. In this regard, we
are pleased to note the inaugural voyage in September of the MV Manukai, the
first new containership in Matson's fleet in more than a decade.

         "While our real estate operations continue to achieve consistent
growth, we are investing for tomorrow's growth. Three Hawaii projects announced
this year are each receiving highly favorable market responses: Hokua, a joint
venture to build a 247-unit luxury high rise; Lanikea, a 100-unit high rise; and
Alakea Corporate Tower, a 31-story office condominium. These were capped by the
acquisition of Wailea on October 1. As a result of an acquisition alliance, we
were able to purchase 270 acres of zoned land at Wailea for $67 million, while
our partner acquired various related golf course properties. We expect Wailea to
benefit the company for many years.

         Doane continued, "Robert J. Pfeiffer, A&B's chairman emeritus, passed
away on September 26. His influence on the company was profound; his
contributions both innumerable and lasting. He will be missed."

TRANSPORTATION--OCEAN TRANSPORTATION


- --------------------------------------------------------------------------------
                                             Quarter Ended September 30
- --------------------------------------------------------------------------------
Dollars in Millions                    2003                 2002         Change
- --------------------------------------------------------------------------------
                                                                  
  Revenue                            $ 191.6              $ 181.2           6%
  Operating Profit                   $  25.1              $  16.9          49%
- --------------------------------------------------------------------------------
Volume (Units)
- --------------------------------------------------------------------------------
  Hawaii Containers                   41,300               39,900           4%
  Hawaii Automobiles                  29,900               32,400         - 8%

         Higher revenue and operating profit in the third quarter of 2003 were
due mainly to rate actions taken in 2002 and 2003, higher freight volumes in the
Hawaii and Guam services, an improved mix of freight, and improved results from
the operations of joint ventures. These favorable factors were offset partially
by increased operating costs, including the expense of operating an eighth
vessel in the Hawaii service and higher pension costs, as well as lower
automobile volume.

         With this strong percentage improvement from the third quarter of 2002,
ocean transportation operating profit has returned to levels that had been
reached last in mid-2000, prior to the effects of 9/11 and West Coast labor
disruptions.


- --------------------------------------------------------------------------------
                                          Nine Months Ended September 30
- --------------------------------------------------------------------------------
Dollars in Millions                    2003                 2002         Change
- --------------------------------------------------------------------------------
                                                                   
  Revenue                             $ 577.0              $ 512.2          13%
  Operating Profit                    $  60.4              $  33.2          82%
- --------------------------------------------------------- ----------------------
Volume (Units)
- --------------------------------------------------------------------------------
  Hawaii Containers                   120,200              115,700           4%
  Hawaii Automobiles                  109,000               92,500          18%

        In addition to the factors affecting the third quarter, the first-nine
months benefited from 18 percent greater automobile volume, as well as improved
productivity at the Sand Island container terminal in Honolulu.

TRANSPORTATION--LOGISTICS SERVICES


- --------------------------------------------------------------------------------
                                          Quarter Ended September 30
- --------------------------------------------------------------------------------
Dollars in Millions                    2003                 2002         Change
- --------------------------------------------------------------------------------
                                                                  
  Revenue                             $ 60.8               $ 53.8          13%
  Operating Profit                    $  1.4               $  1.4          --
- --------------------------------------------------------------------------------

         Increased revenue for logistics services in the third quarter of 2003
was due mainly to greater customer volume, especially in international and
highway activity. At $1.4 million, operating profit in the quarter equaled those
of this unit's two previous best quarters. On October 16, the company announced
that Matson Intermodal System, Inc., would be renamed Matson Integrated
Logistics, Inc., to better reflect the services offered.


- --------------------------------------------------------------------------------
                                          Nine Months Ended September 30
- --------------------------------------------------------------------------------
Dollars in Millions                    2003                 2002         Change
- --------------------------------------------------------------------------------
                                                                  
  Revenue                            $ 169.2              $ 142.7          19%
  Operating Profit                   $   3.3              $   2.4          38%
- --------------------------------------------------------------------------------

         In the first nine months of 2003, higher logistics services revenue and
operating profit also were due mainly to increased customer volume.


PROPERTY DEVELOPMENT & MANAGEMENT--LEASING


- --------------------------------------------------------------------------------
                                           Quarter Ended September 30
- --------------------------------------------------------------------------------
Dollars in Millions                    2003                 2002         Change
- --------------------------------------------------------------------------------
                                                                   
  Revenue                              $ 20.3               $ 18.8          8%
  Operating Profit                     $  9.1               $  8.6          6%
- --------------------------------------------------------------------------------
Occupancy Rates
- --------------------------------------------------------------------------------
  Mainland                                96%                  92%          4%
  Hawaii                                  90%                  90%          --

         Growth in third quarter 2003 revenue and operating profit was primarily
the result of higher occupancies for Mainland commercial properties, and the
purchases of additional income-producing properties. Third quarter 2003 revenue
and operating profit were just slightly less than record levels attained in the
second quarter.


- --------------------------------------------------------------------------------
                                          Nine Months Ended September 30
- --------------------------------------------------------------------------------
Dollars in Millions                    2003                 2002         Change
- --------------------------------------------------------------------------------
                                                                  
  Revenue                             $ 60.0               $ 54.0          11%
  Operating Profit                    $ 27.2               $ 24.5          11%
- --------------------------------------------------------------------------------
Occupancy Rates
- --------------------------------------------------------------------------------
  Mainland                               93%                  91%           2%
  Hawaii                                 90%                  88%           2%

         Similarly, growth in revenue and operating profit for the first nine
months of 2003 (before removing amounts treated as discontinued operations) was
the result of higher occupancies and purchases of income-producing properties
both on the Mainland and in Hawaii.

PROPERTY DEVELOPMENT & MANAGEMENT--SALES


- --------------------------------------------------------------------------------
                                            Quarter Ended September 30
- --------------------------------------------------------------------------------
Dollars in Millions                     2003                 2002        Change
- --------------------------------------------------------------------------------
                                                                   
  Revenue                              $ 10.4                $ 7.3          42%
  Operating Profit                     $  2.6                $ 2.4           8%
- --------------------------------------------------------------------------------

         Sales during the third quarter of 2003 included 15 residential resort
lots at The Summit at Kaanapali; six lots at Mill Town Center, a business park
on Oahu; 28 residences at Kai Lani, a joint venture on Oahu; and several smaller
property sales. Among the sale transactions in the third quarter of 2002 were
several undeveloped land parcels and 11 lots at The Summit. Both of these
quarters represented relatively low levels of property sales activity. As
expected, sales in the current quarter consisted primarily of lots in
residential and industrial projects.


- --------------------------------------------------------------------------------
                                           Nine Months Ended September 30
- --------------------------------------------------------------------------------
Dollars in Millions                    2003                 2002         Change
- ------------- ----------------------- -------------------- ---------------------
                                                                   
  Revenue                             $ 53.5               $ 61.2         - 13%
  Operating Profit                    $ 21.1               $ 14.2           49%
- ------------------------------------- -------------------- ---------------------

         Property sales revenue decreased in the first nine months of 2003,
compared with the first nine months of 2002. Operating profit was greater,
however, due to the mix of properties that were sold. In addition to the
properties described above, 2003 sales included a shopping center in Reno, Nev.;
a seven-acre business parcel on Maui; several smaller commercial properties;
three lots at Maui Business Park; and residential resort homes and house lots on
Maui. The balance of the sales in 2002 included a seven-building distribution
complex in Texas, an 85-acre development parcel in upcountry Maui, a small
shopping center in Colorado and a number of smaller Hawaii commercial
properties, residential sales on Maui and joint venture residential units.

         The sales of certain income-producing assets--even individual buildings
within a real estate portfolio--are reported as "discontinued operations" if
their earnings and cash flows are separately identifiable and material. The
after-tax gains on those sales, and the current and historical earnings of all
of these properties, are classified in the financial statements under the
caption "Discontinued Operations: Properties." There were no sales of property
in the third quarter of 2003 that resulted in discontinued operations.

FOOD PRODUCTS


- --------------------------------------------------------------------------------
                                           Quarter Ended September 30
- --------------------------------------------------------------------------------
Dollars in Millions                    2003                 2002         Change
- --------------------------------------------------------------------------------
                                                                   
  Revenue                             $ 33.6               $ 35.0          - 4%
  Operating Profit                    $  0.4               $  4.9         - 92%
- --------------------------------------------------------------------------------
Tons Sugar Produced                   68,600               72,900          - 6%
- --------------------------------------------------------------------------------

         In the third quarter of 2003, lower food products revenue resulted
primarily from lower production and sales of raw sugar. Higher costs, due
primarily to pension, insurance, outside service costs and other reserves,
accentuated the effect of the revenue decline on operating profit in the
quarter. Production and operating performance also had been especially strong in
the second half of 2002.


- --------------------------------------------------------------------------------
                                         Nine Months Ended September 30
- --------------------------------------------------------------------------------
Dollars in Millions                   2003                 2002         Change
- --------------------------------------------------------------------------------
                                                                  
  Revenue                            $ 83.6               $ 79.2           6%
  Operating Profit                   $  4.6               $  8.0        - 43%
- --------------------------------------------------------------------------------
Tons Sugar Produced                 156,200              154,800           1%
- --------------------------------------------------------------------------------

         In the first nine months of 2003, greater food products revenue
resulted from slightly higher production and raw sugar prices. The benefit of
these factors was more than offset by the higher costs described above, for a
net decline in operating profit, compared with the first nine months of 2002.

BALANCE SHEET COMMENTS

         The $107 million project cost for Matson's new container vessel was the
largest component of the third quarter increase in property, net; the ship's
financing added $55 million to long-term debt and it reduced balances in the
capital construction fund by $41.5 million. Long-term debt also reflects escrow
funding of $67 million as of quarter end to purchase assets at Wailea, on Maui.
In the first quarter, there was a conveyance of land and improvements with a
carrying cost of $27.7 million to the Kukui'Ula joint venture. This reduced real
estate developments and raised investments. Other changes on the balance sheet
were normal, and largely seasonal in nature.

CASH FLOW COMMENTS

         Comparing the first nine months of 2003 with those of 2002, operating
cash flows increased by a net $71.9 million. The increase was due principally to
better operating results in 2003 and the effects of the timing of tax payments
made in 2002 resulting from the sale of securities in late 2001. Capital
expenditures were $97.4 million greater, primarily because of the delivery of
the new containership. CCF transactions and debt changes also resulted
principally from the vessel delivery. The funding in escrow for the Wailea
transaction, which closed subsequently on October 1, 2003, totaled $67 million.

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 property
development and management, 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 that involve a number of
risks and uncertainties described on page 19 of the Company's Annual Report on
Form 10-K, which is included in the Company's 2002 annual report to
shareholders. These factors could cause actual results to differ materially
from those projected in the statements.





                                                       ALEXANDER & BALDWIN, INC.
                                                       -------------------------
                                          2003 and 2002 Third-Quarter and Nine Months Results
                                          ---------------------------------------------------


                                                                           2003                        2002
                                                                           ----                        ----
 Three Months Ended September 30:
 --------------------------------
                                                                                                
 Revenue                                                                  $316,700,000                $292,500,000
 Income From Continuing Operations                                         $21,700,000                 $16,100,000
 Discontinued Operations:  Properties1                                               -                  $1,700,000
 Net Income                                                                $21,700,000                 $17,800,000
 Basic Share Earnings
      Continuing Operations                                                      $0.52                       $0.39
      Net Income                                                                 $0.52                       $0.43
 Diluted Share Earnings
      Continuing Operations                                                      $0.52                       $0.39
      Net Income                                                                 $0.52                       $0.43
 Average Shares Outstanding                                                 41,600,000                  41,200,000

 Nine Months Ended September 30:
 -------------------------------
 Revenue                                                                  $904,800,000                $806,100,000
 Income From Continuing Operations                                          51,200,000                 $32,500,000
 Discontinued Operations:  Properties1                                     $11,300,000                  $8,300,000
 Net Income                                                                $62,500,000                 $40,800,000
 Basic Share Earnings
      Continuing Operations                                                      $1.23                       $0.80
      Net Income                                                                 $1.51                       $1.00
 Diluted Share Earnings
      Continuing Operations                                                      $1.23                       $0.79
      Net Income                                                                 $1.50                       $0.99
 Average Shares Outstanding                                                 41,500,000                  40,900,000

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
                                                   ---------------------------------
                                          (In Millions, Except Per Share Amounts, Unaudited)

                                                                    Three Months Ended              Nine Months Ended
                                                                    ------------------              -----------------
                                                                      September 30,                   September 30.
                                                                      -------------                   -------------
                                                                   2003            2002            2003            2002
                                                                   ----            ----            ----            ----
Revenue:
- --------
  Transportation
                                                                                                    
      Ocean Transportation                                      $    191.6      $    181.2      $    577.0      $    512.2
      Logistics Services                                              60.8            53.8           169.2           142.7
  Property Development & Management
      Leasing                                                         20.3            18.8            60.0            54.0
      Sales                                                           10.4             7.3            53.5            61.2
      Less Amounts Reported In
         Discontinued Operations                                       -              (3.6)          (38.5)          (43.2)
  Food Products                                                       33.6            35.0            83.6            79.2
                                                                ----------      ----------      ----------      ----------
      Total Revenue                                             $    316.7      $    292.5      $    904.8      $    806.1
                                                                ==========      ==========      ==========      ==========

Operating Profit, Net Income:
- -----------------------------
  Transportation
      Ocean Transportation                                      $     25.1      $     16.9      $     60.4      $     33.2
      Logistics Services                                               1.4             1.4             3.3             2.4
  Property Development & Management
      Leasing                                                          9.1             8.6            27.2            24.5
      Sales                                                            2.6             2.4            21.1            14.2
      Less Amounts Reported In
         Discontinued Operations                                       -              (2.8)          (18.2)          (13.2)
  Food Products                                                        0.4             4.9             4.6             8.0
                                                                ----------      ----------      ----------      ----------
      Total Operating Profit                                          38.6            31.4            98.4            69.1
  Interest Expense                                                    (3.1)           (3.0)           (8.1)           (9.0)
  Corporate Expenses                                                  (2.0)           (3.3)          (10.2)           (9.5)
                                                                -----------     -----------     -----------     -----------
      Income From Continuing Operations
         Before Income Taxes                                          33.5            25.1            80.1            50.6
  Income Taxes                                                       (11.8)           (9.0)          (28.9)          (18.1)
                                                                -----------     -----------     -----------     -----------
  Income From Continuing Operations                                   21.7            16.1            51.2            32.5
      Discontinued Operations: Properties                                -             1.7            11.3             8.3
                                                                -----------     ----------      ----------      ----------

  Net Income                                                    $     21.7      $     17.8      $     62.5      $     40.8
                                                                ==========      ==========      ==========      ==========

  Basic Earnings Per Share, Continuing Operations               $     0.52      $     0.39      $     1.23      $     0.80
  Basic Earnings Per Share, Net Income                          $     0.52      $     0.43      $     1.51      $     1.00

  Average Shares                                                      41.6            41.2            41.5            40.9





                                                      Consolidated Balance Sheets
                                                      ---------------------------
                                                            (In Millions)

                                                                          September 30,            December 31,
                                                                          -------------            ------------
                                                                               2003                    2002
                                                                               ----                    ----
                                                                           (Unaudited)
ASSETS
                                                                                             
Current Assets                                                             $       250.2           $       233.7
Investments                                                                         63.3                    32.9
Real Estate Developments                                                            24.8                    42.0
Property, Net                                                                    1,062.1                   942.6
Capital Construction Fund                                                          170.0                   208.4
Other Assets                                                                       204.3                   138.0
                                                                           -------------           -------------
                  Total                                                    $     1,774.7           $     1,597.6
                                                                           =============           =============

LIABILITIES & EQUITY
Current Liabilities                                                        $       181.2           $       151.1
Long-Term Debt                                                                     365.6                   247.8
Post-Retirement Benefit Obligs.                                                     43.3                    42.6
Other Long-Term Liabilities                                                         80.6                    94.6
Deferred Income Taxes                                                              340.3                   337.8
Shareholders' Equity                                                               763.7                   723.7
                                                                           -------------           -------------
                  Total                                                    $     1,774.7           $     1,597.6
                                                                           =============           =============






                                                 Consolidated Statements of Cash Flows
                                                 -------------------------------------
                                                            (In Millions)

                                                                                     Nine Months Ended
                                                                                     -----------------
                                                                                       September 30,
                                                                                       -------------
                                                                               2003                    2002
                                                                               ----                    ----
                                                                                        (Unaudited)
                                                                                             
Operating Cash Flows                                                       $       115.1           $        43.2
Capital Expenditures                                                              (130.4)                  (33.0)
CCF Deposits, Net                                                                   38.4                   (52.1)
Proceeds From Issuance of
    (Payment of) Debt, Net                                                          93.2                    31.6
Dividends Paid                                                                     (28.0)                  (27.6)
All Other, Net                                                                     (64.1)                   27.6
                                                                           --------------          -------------
Increase/(Decrease) In Cash                                                $        24.2           $       (10.3)
                                                                           =============           ==============

Depreciation                                                               $       (52.3)          $       (52.9)
                                                                           ==============          ==============





                                                                     #####