Matson Reports $9M Income in First Quarter 2013

Matson Inc. reported more than $9 million in income in the first quarter this year, more than double its income for the same period last year.

Hawaii’s largest shipping company reported that its net income as of March 31 was $9.1 million, or $0.21 a diluted share. Its net income for the first quarter 2012 was $3.8 million, or $0.09 per diluted share.

Revenue for the first quarter was $394.7 million, up from $366.1 million reported for the first quarter 2012.

Noting that the company is off to a good start, Matson’s President and Chief Executive Officer Matt Cox said the company has shifted its outlook higher for the year.

“We had a good first quarter, driven by increased volume in our Hawaii trade and higher rates in our China service,” said Cox.

“We continue to expect mixed results in our ocean transportation trade lanes as compared to 2012, as evidenced by a decrease in Guam volume during the first quarter, better than expected Hawaii volume trends and anticipated weaker China freight rates for the balance of the year.”

Founded in 1882, Matson became a separate publicly traded company in June last year after it was separated from Alexander and Baldwin.

It offers shipping services to Hawaii, Guam, Micronesia and the mainland US, as well as expedited service from China to Southern California.