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Matson, 2018 Q2 results

Matson, Inc. Announces Second Quarter 2018 Results
  • 2Q18 EPS of $0.76 versus $0.55 in 2Q17
  • Net Income of $32.6 million versus $24.0 million in 2Q17
  • EBITDA of $79.3 million versus $85.0 million in 2Q17
  • Maintains Higher Outlook for Ocean Transportation; Raises Logistics Outlook

Matson yesterday reported net income of $32.6 million, or $0.76 per diluted share, for the quarter ended June 30, 2018.  Net income for the quarter ended June 30, 2017 was $24.0 million, or $0.55 per diluted share.  Consolidated revenue for the second quarter 2018 was $557.1 million compared with $512.5 million reported for the second quarter 2017.

For the six months ended June 30, 2018, Matson reported net income of $46.8 million, or $1.09 per diluted share compared with $31.0 million, or $0.72 per diluted share in 2017.  Consolidated revenue for the six month period ended June 30, 2018 was $1,068.5 million, compared with $986.9 million in 2017.

Matt Cox, Matson's Chairman and Chief Executive Officer, commented, "Our performance in the quarter was solid with Ocean Transportation's results approaching the level achieved last year and continued strong results across all service lines in Logistics."

Mr. Cox added, "For full year 2018 in Ocean Transportation, we continue to expect improvements in each of our core tradelanes with the exception of Guam and China.  In Guam, we expect to face continued competitive pressure, and in China we continue to expect modestly lower volume coming off an exceptionally strong 2017.  We continue to expect Ocean Transportation's full year 2018 operating income to be modestly higher than the level achieved in 2017.  For 2018 in Logistics, we are raising our Outlook for the year given the strong trends across all service lines."

Read the full report here.

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