Matson earnings improve on higher volume and lower expenses
Matson’s fuel surcharge will decrease 5 percentage points to 37.5 percent on Nov. 2. Kala Kaai of Kapolei took some time after work to cast his fishing line out into Honolulu Harbor as the Matson container ship Manukai made its way into the harbor past Aloha Tower.
Increased Hawaii cargo volume and recovery of fuel expenses through customer surcharges helped Matson Inc. improve its net income in the third quarter, the company announced Thursday.
Hawaii’s largest ocean cargo transportation firm earned $21.5 million during the three months ended Sept. 30 compared with $17.2 million in the same period last year.
Revenue totaled $442 million in the third quarter, up from $415 million a year earlier.
Matt Cox, Matson’s president and CEO, called the results strong, and in part credited economic growth in the state for helping drive more business to the company.
"The Hawaii economy is showing increased vibrancy, and we are earning our share of this growth," he said in a statement.
Unfavorable tax and legal issues in the year-ago quarter also were a significant factor in making the recent quarter earnings look more favorable than last year.
Don't miss out on what's happening!
Stay in touch with top news, as it happens, conveniently in your email inbox. It's FREE!
