Matson Announces Revenue Report

Matson, one of the United States leading carriers in the Pacific, announced earlier this week its net income reached $27.8 million, or $0.63 per diluted share, for its fourth quarter, ending on Dec. 31, 2014. These numbers compare to the 2013 total of $7.3 million, or $0.14 per diluted share.

A consolidated revenue during the fourth quarter of 2014 was reported by Matson as $443.5 million, compared to $410.9 million during the fourth quarter of 2013.

The company had a reported net income of $70.8 million for the entire year in 2014, a diluted share of $1.63. In 2013, the company reported its net income as $53.7 million, a diluted share of $0.14.

Matson’s consolidated revenue for all of 2014 was $1,714.2 million, compared to $1,637.2 million in 2013.

According to Matson’s President and Chief Executive Officer, Matt Cox, “2014 was a good year for Matson, punctuated by a strong fourth quarter. Performance improved in all of our business lines, buoyed by demand for our expedited China service, modest market growth in Hawai’i and Guam, and continued improvements in Logistics operations and SSAT. The sharp decline in bunker fuel prices also had a positive timing impact on our results, as fuel surcharge collections outpaces duel expenditures late in the third quarter and continued into the fourth quarter. For the full year, we generated $165.7 million cash flow from operations of which $27.9 million was used for capital expenditures and the remainder of $137.8 million provided free cash flow per share of $3.18.”

Cox looked into 2015 with hope for opportunity and awareness of the challenges that will be faced.

“Looking to 2015, we see a year of opportunity and challenge. We are excited to enter the Alaska trade once we close our pending transaction with Horizon Lines and also expect our Logistics group to improve on a good 2014 result. However, a new vessel capacity is expected to enter our core Hawai’i market in the first half of the year and ongoing port congestion on the U.S. West Coast is testing our cargo handling capabilities,” Cox explained. “Overall, we expect to deliver 2015 operating results that are modestly higher than the solid results posted in 2014. Further, we expect our core business platforms to continue to generate significant cash flow to comfortably sustain our dividend. Our balance sheet remains in good shape, which will provide the foundation for our pending Alaska acquisition and the funding of the construction of our new Aloha-class vessels. We are encouraged by our prospects and ready for the year ahead.”