Matson CEO: Q3 Results Better than Expected

Image Courtesy: Matson

US carrier Matson reported a net income of USD 34.1 million for the third quarter of 2017, up from USD 25.3 million posted in the same period a year earlier.

Consolidated revenue for the third quarter 2017 was USD 543.9 million compared with USD 500.4 million reported for the third quarter of 2016.

For the nine months ended September 30, 2017, Matson reported net income of USD 65.1 million, also up from USD 61.4 million booked in 2016. Consolidated revenue for the nine-month period was USD 1,530.8 million, compared with USD 1,422.3 million in 2016.

 “Matson achieved better-than-expected third quarter results due to stronger demand for our expedited China service, stronger southbound volume in Alaska, the timing of fuel surcharge collections, and higher lift volumes at SSAT. These positive contributors were somewhat moderated by lower volume in Hawaii and continued competitive pressure in Guam,” Matt Cox, Matson’s Chairman and Chief Executive Officer, commented.

“Stronger performance year-to-date in China, Alaska, and SSAT have more than offset the negative trends this year in Guam and more recently with lower construction-related cargo in Hawaii.  Overall, we expect our businesses to continue to perform well during the fourth quarter, and due to our stronger-than-expected third quarter results we are raising our outlook for full-year EBITDA to modestly exceed last year’s EBITDA of USD 290 million,” Cox added.

However, the company expects full year 2017 Ocean Transportation operating income to be lower than the USD 142.7 million achieved in 2016.

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