By Karen Robes Meeks
Honolulu-based carrier Matson, Inc. posted a net income of $14.2 million, or $0.33 per diluted share, for the quarter ending on March 31, more than doubling the net income from the same period last year, according to the company’s latest numbers.
The net income for the quarter ending March 31, 2017 was $7 million, or $0.16 per diluted share.
“Matson is off to a good start to this year with both Ocean Transportation and Logistics exceeding expectations for the quarter,” said Matt Cox, Matson's Chairman and Chief Executive Officer. “Our year-over-year improvement in Ocean Transportation was primarily the result of lower vessel operating costs, a higher contribution from SSAT, higher volume in our Alaska service and the timing of fuel surcharge collections, partially moderated by lower volume in China and continued competitive pressure in Guam. In Logistics we saw improved performance in almost all service lines."
He expects improvements in each of Matson’s core trade lanes in 2018, with the exception of Guam and China.
“In Guam, we expect to face continued competitive pressure, and in China we continue to expect modestly lower volume coming off an exceptionally strong 2017,” Cox said. “As a result of the first quarter performance, we now expect Matson's 2018 operating income to be modestly higher than the level achieved in 2017.”
