The Honolulu-based ocean carrier reported a profit of $25 million for the third quarter of 2016 on $500.4 million in revenues.
The Board of Directors for Honolulu, Hawaii-based ocean carrier Matson, Inc. has declared a third quarter dividend of 20 cents per share, representing a one cent (5.3 percent) increase over the previous quarter.
The declaration comes more than seven months after Matson reported a profit of $25 million for the third quarter of 2016, which ended last September, compared with a profit of $41.5 million for the same 2015 period.
Consolidated revenues for the quarter totaled $500.4 million compared with $544.3 million for the third quarter 2015, Matson said.
“We are pleased to announce the fifth consecutive annual increase to Matson’s quarterly dividend, underscoring our Board’s confidence in the long-term prospects for our businesses and commitment to rewarding shareholders through dividends,” Matson Chairman and Chief Executive Officer Matt Cox said in a statement.
“While we expect leverage to increase as our Hawaii fleet renewal program progresses, our healthy balance sheet, strong operating cash flows, and continued access to attractive financing sources provide ample capacity to fund new vessel construction, consider growth investments, and return capital to shareholders,” he said.
Founded in 1882, Matson is a Pacific carrier that operates in Hawaii, Alaska, Guam and Micronesia, as well as select South Pacific islands. It also operates a premium, expedited service from China to Southern California.
The company’s self-owned fleet of 22 vessels includes containerships, combination container and roll-on/roll-off (CONRO) ships and custom-designed barges.
The corporation’s Matson Logistics arm, established in 1987, offers integrated, asset-light logistics services, including rail intermodal, highway brokerage, warehousing, and less-than-container load freight consolidation and forwarding to Alaska.