Matson had a profit of $19.1 million in the third quarter ending Sept. 30, more than double the $8.7 million earned in the same period a year earlier.
In the third quarter of 2011, the company had a $9.7 million charge against earnings related to discontinued operations (net of income taxes), including a discontinued transpacific string.
Consolidated revenue for the third quarter 2012 was $401.4 million, compared with $380.6 million reported for the third quarter 2011.
During the quarter the company moved 35,700 containers between the U.S. mainland and Hawaii less than 1 percent more than the same 2011 period. Hawaii automobile movements were 22,200, 12.7 percent more than a year earlier; China containers were 17,100, up 11 percent; and Guam containers were 6,500 containers, 91.2 percent more than the prior year. Matson’s competitor, Horizon Lines, ended its service to Guam last year.
Matt Cox, Matson’s president and chief executive officer, said the company had a “steady quarter” and volume gains “while encouraging, were largely offset by increased expenses primarily associated with vessel and barge dry-docking during the quarter.”
The company’s logistics business had revenue of $94.3 percent in the third quarter, 4.9 percent less than in the same 2011 period.
Matson said the drop was primarily the result of lower intermodal volume because of the shutdown of the one transpacific string and the loss of an ocean carrier customer. That was partially offset by an increase in domestic volumes.
The company said its highway volume also decreased
due to the loss of some full truckload customers. – Chris Dupin
Matson’s profit in 3Q more than doubles
