Alexander & Baldwin (ALEX) reported Q1 funds from operations late Thursday of $0.36 per diluted share, down from $0.40 a year earlier.

Analysts polled by FactSet expected $0.29.

Segment operating revenue for the quarter ended March 31 was $53.7 million compared with $61.2 million a year earlier.

Three analysts surveyed by FactSet expected $50.8 million.

The company also raised its 2025 FFO guidance to now be between $1.17 and $1.23 per share from the prior guidance of between $1.13 and $1.20. Analysts surveyed by FactSet expect $1.19.

Shares of the company rose 2.3% in after-market trading.

Price: 17.10, Change: +0.39, Percent Change: +2.33