Quantcast

Thursday, July 31, 2014         

 Print   Email   Comment | View 3 Comments   Most Popular   Save   Post   Retweet

Matson's 1st-quarter profit falls 63 percent

By Associated Press

POSTED:
LAST UPDATED: 03:12 p.m. HST, May 06, 2014


Shipping and logistics company Matson Inc. said Tuesday it earned $3.4 million during the first quarter, far below its profit of $9.1 million a year earlier because of the timing of fuel surcharge collections.

Matson CEO Matt Cox said demand in Hawaii and elsewhere is staying strong even though the surcharges significantly hurt the company's results for the quarter.

"Our businesses are running well and continue to generate substantial cash flow," Cox said in a statement.

Revenue dropped less than 1 percent to $392.5 million.

The earnings amounted to 8 cents per share for the quarter that ended March 31, down from 21 cents per share during the same quarter a year ago.

The company also said it paid $1 million in legal expenses related to the spill of about 1,400 tons of molasses into Honolulu Harbor in September. The substance oozed from a pipe that was thought to be sealed off, killing about 26,000 fish and other marine life.

Matson said Tuesday that it doesn't yet know how future costs related to the spill might affect the company in future quarters.

Shares of Matson dropped 85 cents, or 3.5 percent, to $23.71 on Tuesday before the results were released. They were unchanged in afterhours trading.






 Print   Email   Comment | View 3 Comments   Most Popular   Save   Post   Retweet

COMMENTS
(3)
You must be subscribed to participate in discussions
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may receive a warning, and if you persist with such comments you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.
Leave a comment

Please login to leave a comment.
makiki123 wrote:
Wow...may as well close up shop if you can only make $3.4 million a in 3 months as a OLIGOPOLY.
on May 6,2014 | 06:51PM
HD36 wrote:
Did someone actually count the 26,000 fish and other marine life? How many shrimp?
on May 6,2014 | 06:54PM
saywhatyouthink wrote:
any profits should be confiscated and placed in the state treasury to compensate for the spill until such time as all clean up expenses and claims have been paid.
on May 6,2014 | 07:28PM
IN OTHER NEWS
Breaking News
Blogs
The Green Leaf
Marine debris art

Political Radar
`Toss up’

Political Radar
Super

Political Radar
Hilton; Plaza Club

Political Radar
Direct mail