Friday, May 10, 2019

Matson Reports Strong Earnings

By Karen Robes Meeks

Matson, Inc. this week reported a net income of $12.5 million, or $0.29 per diluted share, and consolidated revenue of $532.4 million in its first quarter.

"We are off to a solid start for the year with Ocean Transportation operating income coming in as expected with a number of positive and negative factors, and Logistics posting stronger-than-expected operating income,” said Chairman and Chief Executive Officer Matt Cox. “Within Ocean Transportation, we saw continued strong demand in our China service and steady performance in SSAT, but we also faced significant weather-related issues that primarily affected our Hawaii service. In our Logistics segment, we performed exceptionally well with positive contributions across all service lines."

“As a result of the first quarter performance, we are raising our outlook for consolidated operating income in 2019,” Cox said. “In Logistics, we expect full year operating income to be moderately higher than the level achieved in 2018. For Ocean Transportation, we are maintaining our prior full year operating income outlook and expect a higher contribution from Alaska, offset by lower contributions from our China service and at SSAT, both of which are coming off exceptionally strong years.”