Matson, Inc. a leading U.S. carrier in the Pacific, report net income of $20.1 million, or $0.47 per diluted share for the quarter ended June 30, 2013. Net income for the quarter ended June 30, 2012 was $7.8 million, or $0.18 per diluted share.
Consolidated revenue for the second quarter 2013 was $416.6 million compared with $394.2 million reported for the second quarter 2012.
Matt Cox, Matson's President and Chief Executive Officer commented, "We had another solid quarter, driven by continuing strength in our Hawaii trade, modest volume gains in our other trade lanes and a better result in Logistics. These gains were offset to some degree by expected lower freight rates in our China trade and a modest loss in SSAT, while performance in Guam held steady. Our consolidated earnings were further bolstered by a lower effective tax rate in comparison to the second quarter of 2012."
Cox continued, "Amid these positive results, in late June our Board of Directors authorized an increase in our dividend, demonstrating confidence in our ability to continue to return cash to our shareholders while investing in and growing our businesses."
"As we look to the balance of this year, we expect overall results to modestly exceed the results achieved in the second half of 2012, reflecting a full year cycle of limited economic recovery in the markets we serve."
Second Half 2013 Outlook
In the second quarter of 2013, Hawaii volume increased due to modest market growth and gains, and an additional voyage. Moderate volume gains are therefore expected in the Hawaii trade for the full year.
In the China trade, freight rates were slightly lower in the second quarter of 2013 compared to the same period of 2012, reflecting a surplus of vessel capacity relative to market demand. The modest rate erosion in the China trade is expected to continue for the balance of 2013.
Guam trade volume rose slightly in the quarter due to the timing of select shipments. However, little if any full year growth in Guam is expected.