By Karen Robes Meeks
Matson, Inc. recently reported $41.6 million in net income in its third quarter, higher than $34.1 million posted in third quarter 2017.
"Our performance in the quarter was in line with our expectations with Ocean Transportation results approaching the level achieved last year and continued strong execution across all service lines in Logistics,” said Matson's Chairman and Chief Executive Officer Matt Cox. “We are pleased to see the exceptional performance of our Logistics segment for the quarter and year-to-date. For the quarter within Ocean Transportation, we saw a favorable rate environment in China and continued strong performance from SSAT, but we also faced unfavorable timing in fuel surcharge collections relative to fuel cost increases and lower volume in Alaska primarily due to a weaker-than-expected seafood season."
Cox said Matson expects its businesses to continue to perform well in the fourth quarter.
“(A)nd, as a result, we are raising our outlook for Ocean Transportation and maintaining our outlook for Logistics,” Cox said. “For the full year 2018, we expect Ocean Transportation operating income to be modestly higher than the level achieved in 2017. For the full year 2018 in Logistics, we are maintaining our higher outlook for operating income given the strong trends across all service lines."
