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Matson earnings fall amid lower Hawaii shipments, molasses spill expenses

By Dave Segal

LAST UPDATED: 12:28 p.m. HST, Nov 06, 2013

Matson Inc.'s net income fell 9.9 percent in the third quarter as Hawaii container and automobile shipments declined from the year-earlier period and the company incurred $1.3 million in response costs, legal expenses and third-party claims related to the molasses released into Honolulu Harbor in September.

The molasses spill from a corroded steel pipe leaked about 233,000 gallons of the thick, syrupy substance into the harbor and killed about 26,000 fish.

Matson said today that no legal claims have been initiated at this time from the molasses spill and that government agencies have not yet presented the company with an accounting of claims for reimbursement. The company said it is unable to estimate now the future costs, penalties, damages or expenses that it may incur related to the incident. 

Net income during the quarter fell to $17.2 million, or 40 cents a share, from $19.1 million, or 45 cents a share, in the year-earlier period.

Revenue rose 3.4 percent to $415 million from $401.4 million.

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Aquarius1 wrote:
Uh oh! I wonder what the 2014 General Rate Increase will be? Great set up for a whopper.
on November 6,2013 | 11:33AM
kennie1933 wrote:
Yup! Let's all have a SA pool and see how soon Matson will ask for a rate increase!
on November 6,2013 | 11:48AM
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