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Matson earnings more than double in quarter

HONOLULU STAR-ADVERTISER
Matson's lower fuel surcharge will trim $80 to $140 off the price of shipping a container.

Matson Inc., the state’s largest ocean shipper, said today its earnings more than doubled in the second quarter largely due to strong Hawaii operations.

The Honolulu-based company posted net income of $20.1 million, or 43 cents a share, compared with $7.8 million, or 18 cents a share, in the year-earlier period. Revenue rose 5.7 percent to $416.6 million from $394.2 million. 

Hawaii automobile shipments between the mainland and the state jumped 11 percent to 23,200 from 20,900 in the year-earlier quarter while Hawaii container shipments rose 5.3 percent to 35,700 from 33,900.

Matson also received a boost from its logistics division, which deals with container movement on land.  Logistics revenue rose 12.6 percent to $106.6 million from $94.7 million a year ago.

The company’s stock closed down 45 cents, or 1.6 percent, at $27.50 Wednesday on the New York Stock Exchange. The financial results were released after the market closed.

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