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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