Matson Inc. pinpoints second-quarter profit

Matson Inc. released its final calculation for second-quarter profit Thursday, and it came in at the high end of an estimated range the company provided earlier this month.

The Honolulu-based ocean cargo transportation firm earned $162.5 million in the April-June period, up from $32.8 million in the same three months of 2020.

Matson’s profit estimate issued July 8 for the recent quarter was $156.9 million to $163.6 million.

The drastically higher profit in the quarter, compared with a year earlier, was mainly the result of Matson increasing serv­ice from China in response to high demand, and continues a trend that began in mid-2020.

Revenue in the second quarter for Matson jumped to $874.9 million from $524.1 million in the same period of 2020.

SECOND-QUARTER NET

$162.5 million

YEAR-EARLIER NET

$32.8 million