Matson earnings more than double in quarter
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.