Matson Report Solid Financial Profits
Matson, Inc. a leading U.S. carrier in the Pacific, did well in Q4 2012 and the whole year; believes it can do better.
Consolidated revenue for the fourth quarter 2012 was $398.3 million compared with $374.9 million reported for the fourth quarter 2011, and consolidated revenue for the full year 2012 was $1,560.0 million, compared with $1,462.6 million in 2011.
Matt Cox, Matson's President and Chief Executive Officer commented, "Continued strong Guam volume and an improved rate environment in our expedited China service led to a solid fourth quarter. For the year, these same factors, and continuing volume strength out of China resulted in a satisfactory performance. Yet we believe we can do better."
Cox continued, "Looking into 2013, we expect mixed results in our ocean transportation trade lanes as compared to 2012, but on balance we expect to improve operating margins. Likewise, we expect margins in our logistics group to improve. These gains, and the cash flow generated, will allow us to support a strong dividend, maintain an investment grade credit standing and provide capacity for future vessel replacement and growth investments."
Operating income was $23.9 million for the fourth quarter 2012, compared to $11.8 million for fourth quarter 2011. Operating income for the full year 2012 was $96.7 million compared with $78.6 million in 2011. Earnings per diluted share from Continuing Operations were $0.36 and $0.16 for the fourth quarters of 2012 and 2011, respectively.