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Lower Hawaii shipments pull down Matson’s earnings

  • CINDY ELLEN RUSSELL / APRIL 2014Matson Inc. announced Tuesday it signed a settlement agreement Thursday to resolve a lawsuit over fuel surcharge reimbursements. A Matson barge in Hono­lulu Harbor.
    CINDY ELLEN RUSSELL / APRIL 2014
    Matson Inc. announced Tuesday it signed a settlement agreement Thursday to resolve a lawsuit over fuel surcharge reimbursements. A Matson barge in Hono­lulu Harbor.

Matson Inc.’s earnings fell 10 percent in the second quarter as Hawaii container and automobile shipments declined from the year-earlier quarter.

The state’s largest ocean shipper said Thursday that net income declined to $18.1 million, or 42 cents a share, from $20.1 million, or 47 cents a share, in the year-earlier quarter. 

Revenue rose 4.8 percent to $436.4 million from $416.6 million. 

Hawaii automobile shipments declined 15.5 percent during the quarter from the year-earlier period while container shipments between the mainland and the islands slipped 2.5 percent.

Matson, which became a stand-alone company on July 2, 2012, after being spun off by parent Alexander & Baldwin Inc., also increased its dividend by 6.25 percent to 17 cents a share from 16 cents a share. It will be payable Sept. 4 to all shareholders of record at the close of business on Aug. 7. 

The Honolulu-based company’s stock fell 62 cents to $26.95 on Thursday. Its earnings were announced after the market closed.

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