Recent increased optimism for Hawaii’s economy — mainly tourism — was reflected in the first quarter 2012 earnings announcements we have seen over the last few days. All in all, Hawaii’s public companies either beat or came in line with analysts’ expectations. Below is a snapshot of five of the reporting companies:

Alexander & Baldwin (ALEX, NYSE, 52 week range 33.09 – 53.11) reported first quarter earnings of $3.8 million or $0.09 per share vs $5.2 million or $0.12 per share in the year earlier period. After deducting one-time charges from the planned split into two companies (Matson and A&B) and the shutdown last year of the second China Long Beach route, earnings came in at $7.2 million or $0.17 per share, basically in line with analyst expectations.

The company also said that “typical variability in the timing of real estate transactions” had an effect on first quarter earnings. One of the major reasons to split the company’s businesses, which is on track for “early in the third quarter of this year.”

Hawaiian Holdings (HA, NASDAQ, 52 week range 3.67 – 6.98), the holding company for Hawaiian Airlines, beat analysts expectations, reporting earnings of $7.3 million on revenues of $435.5 million, compared to earnings of $900,000 on revenues of $365.5 million in the year earlier period. Earnings came in at $0.06 per share, way above a loss of $0.02 per share expected by the Street. Increasing routes is the main factor for the improved earnings, which has some questioning the speed of growth as too aggressive. What has been a benefit is that its newer aircraft is helping to alleviate the rise in fuel costs due to improved efficiencies.

Hawaiian Electric (HE, NYSE, 52 week range 20.59 – 27.00) reported first quarter earnings of $38.8 million or $0.40 per share, versus $28.9 million or $0.30 per share in the year earlier period. Revenues were up over the year to $814.9 million. Analysts were looking for per share earnings of $0.36 on revenues of $763 million. Management highlighted that the investment in infrastructure continues to pay dividends and the American Savings unit has added about $100 million in new loans over the last year.

Although the company has shown good growth over the last five quarters, analysts are looking for second quarter earnings to drop back to $0.36 per share. Of note, though: Investors are loving the annualized yield of their dividend at about 4.6 percent.

Hawaiian Telcom (HCOM, NASDAQ, 52 week range 13.31 – 28.36) also bested analysts, reporting revenues of $97.6 million, basically flat over the year, with profits of  $5.3 million or $0.53 per share, versus $5.5 million or $0.55 per share in the year earlier period, after adding back in a $5.1 million one-time charge from its debt refinancing. Analysts were looking for earnings of $0.50 per share. The company is finally seeing some results from its move from “legacy to next-generation services,” the bane of its Verizon ownership days and the advent of smartphones.

Maui Land & Pineapple (MLP, NYSE, 52 week range 3.68 – 5.49) is the ugly duckling of the group, reporting first quarter earnings of a loss of $244,000 or $(0.01) per share, versus a profit of $12.4 million or $0.67 per share in the year earlier period. Complicating these numbers is that it includes a one-time gain of $1.4 million from real estate sales in first quarter 2012 and a one-time gain of $15.1 million from the sale of Kapalua Bay Golf Course in the year earlier period.

Pretty poor results has plagued the company since Lehman went upside down (a previous financing source), prompting the company to issue a statement recently that there is “substantial doubt about the company’s ability to continue as a going concern.” A generic accounting statement, raising concerns as the company is running out of assets to keep it afloat. A typical Hawaiian situation: “asset rich, cash poor.”