Matson carries less cargo and earns lighter profit
CRAIG T.KOJIMA / Nov. 27, 2018
Matson Inc. reported earning $36.2 million in the three months ended Sept. 30, down from $41.6 million in the same period last year.
Small decreases in cargo volume across the Pacific Ocean contributed to a 13% bite out of profits for Matson Inc. in the third quarter.
The Honolulu-based ocean cargo transportation firm reported today earning $36.2 million in the three months ended Sept. 30, down from $41.6 million in the same period last year.
Matson said it carried sightly less goods for customers in nearly every market it serves during the recent quarter.
The company said it delivered 36,700 containers in its Hawaii service during the recent quarter, down 800 containers, or 2.1%, from a year earlier.
In other markets served by Matson, container volume was flat in Alaska and dipped roughly 2% to 3% in China, Guam and a region covering Micronesia, the South Pacific and Okinawa, Japan.
Revenue totaled $572.1 million in the recent quarter, down 2.9% from $589.4 million a year earlier.
Matt Cox, Matson chairman and CEO, said container volume was softer than expected in Alaska but that overall financial performance for the company came in as expected.
