Alexander & Baldwin Inc.'s second quarter earnings slipped 7.5 percent due to lower sugar production and a dip in shipping volume.

The Honolulu-based company said it earned $29.6 million, or 71 cents per share, during the three months ending June 30, down from $32 million, or 74 cents per share, in the year-earlier quarter.

Revenues were up 8.7 percent to $463.9 million from second quarter 2007's $426.9 million.