Matson, Inc. announces its second quarter 2012 financial results.
The financial results for the second quarter and first six months of 2012 reflect Matson's separation from its former parent corporation, Alexander & Baldwin, Inc., on June 29, 2012. The separation of Matson from A&B was originally announced on December 1, 2011.
Commenting on the quarter, President and Chief Executive Officer Matt Cox said, "While we are reporting improved operating income for the second quarter compared with last year, the financial performance of our businesses continues to be mixed with weaker Hawaii freight volume more than offset by improved volume in Guam and improved freight rates in China.
"Our volume in the Hawaii trade lane remains suppressed in part due to ongoing weakness in construction activity. However, we are benefitting from increased volume in the Guam trade lane resulting from the exit of a major competitor in late 2011 and improved rates for our premium niche service in the China trade lane.
Highlights:
- -- Operating Income increased 11.3% to $32.5 million
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-- Consolidated Revenue of $394.2 million was up 4.5%
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-- Income from Continuing Operations of $0.36 per diluted share
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-- Net Income of $0.18 per diluted share
- -- Matson separates from parent and becomes stand-alone company