Honolulu-based Matson Inc reported fourth-quarter net income of $166.9 million. On a per-share basis it has profit of $3.90.
The ocean transportation and logistics services company posted revenue of $516.1 million in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $503.2 million.
The U.S. carrier in the Pacific reported profit of $232 million, or $5.37 per share for the year. Revenue was reported as $2.05 billion.
Matt Cox, Matson's Chairman and Chief Executive Officer, commented, "Matson's core businesses performed well during the fourth quarter supported in particular by continued strong demand in our China service and higher lift volumes at SSAT. Overall, 2017 was a solid year for Matson. Operationally during the past year, we continued to advance our new Hawaii vessels
and Sand Island crane program, which are expected to strengthen our market leading position and drive increased efficiency in the years ahead. We look forward to the arrival of the first of our four new vessels in the third quarter of this year."
Cox added, "For 2018, we expect to face continued competitive pressure in Guam and modestly lower volume in China coming off an exceptionally strong year, offset by modest improvements in our other core businesses. As a result, we expect Matson's 2018 operating income to approximate the level achieved in 2017."