Matson Reports Solid Q2 2014 Results, Dividend Increased

By George Backwell
Friday, August 01, 2014
Matson containerships: Image courtesy of Matson

Leading U.S. carrier in the PacificMatson, Inc. reported net income of $18.1 million or $0.42 per diluted share for the quarter ended June 30, 2014, compared with $20.1 million or $0.47 per diluted share in 2013. Consolidated revenue for the second quarter 2014 was $436.4 million compared with $416.6 million in 2013.

Highlights

  • 2Q14 Revenue of $436.4 million versus $416.6 million in 2Q13
  • 2Q14 Operating Income of $35.7 million versus $36.5 million in 2Q13
  • 2Q14 Net Income of $18.1 million, EBITDA of $53.1 million
  • Second half 2014 Operating Income to significantly exceed second half 2013 level
  • Quarterly dividend increased by 6.25 percent to $0.17 per share

Matt Cox, Matson's President and Chief Executive Officer, commented, "We had another solid quarter, benefiting from higher freight yields in our major trade lanes, improved lift volumes at SSAT and continuing improvements at Logistics. However, these benefits were offset by lower Hawaii container volume, increased vessel operating expenses stemming from vessel relief activities, and increased terminal handling expenses."

Mr. Cox continued, "Our operating platform continues to generate significant cash flow that positions us well to fund our fleet renewal program, undertake new growth opportunities and grow our dividend incrementally.  As we look to the balance of 2014, we expect overall results to exceed the results achieved in the second half of 2013."


Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DNV GL Issues Design Guidelines for DP Operations

Advanced dynamic positioning (DP) vessels can now meet critical safety regulations while gaining operational flexibility, efficiency and cost savings through new design and monitoring methods.

USCG Suspends Search for Missing Mariner off Lanai

The Coast Guard suspended the search Monday for a missing mariner after the fishing vessel he was aboard capsized approximately one mile west of Lanai. “Following extensive efforts by sea,

Petrobras Requests to Assist the Federal Prosecutors Office

On April 24, Petrobras submitted a request to assist the Federal Prosecutors Office in seven criminal lawsuits related to Operação Lava Jato (Operation Car Wash),

Finance

Rolls-Royce to Sell Michell Bearing Business

Rolls-Royce has today confirmed its intention to sell its Michell Bearings business to British Engines Limited for a cash consideration of £12.6m. Subject to licence consents,

Euronav Warns Against Speeding up Tankers

Many investors are asking questions about the dynamics of the tanker market and asked us to confirm their views on vessel utilisation across the tanker market. This

D'Amico Orders Two 'Eco' LR1 Product Tankers

D'Amico International Shipping has ordered two new long range one product tankers, to be built by Vietnam’s Vinashin Shipyard Co for about $44m each.   The tankers

Container Ships

Hapag-Lloyd's New Set-up in Mediterranean

As one of the top global carriers Hapag-Lloyd offering a comprehensive service network have announced their new service Turkey Israel Express. Furthermore

BIMCO, Global Shipping Forum launch “SERVICECON”

BIMCO and the Global Shipping Forum have now launched a new standard contract – named “SERVICECON” – which simplifies and harmonises terms and conditions for

Bollore Consortium Misses out on Cameroon's Kribi Port Shortlist

A consortium led by France's Bollore failed to make the final shortlist of firms vying to manage a new container terminal in Cameroon's southern port of Kribi,

Logistics

Hapag-Lloyd's New Set-up in Mediterranean

As one of the top global carriers Hapag-Lloyd offering a comprehensive service network have announced their new service Turkey Israel Express. Furthermore

Euronav Warns Against Speeding up Tankers

Many investors are asking questions about the dynamics of the tanker market and asked us to confirm their views on vessel utilisation across the tanker market. This

CEVA Appoint Two Sr Executive

Hoofddorp, the Netherlands, 27 April, 2015 – CEVA Logistics, one of the world's leading supply chain companies, today announced the appointment of two senior

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2550 sec (4 req/sec)