Matson reports higher revenue and profit in Q3

Carrier moved more containers to and from Hawaii, but auto volume and volumes from China fell.    Matson, which operates container services between Hawaii and the U.S. West Coast as well as an eastbound transpacific service from China, said it had a profit in the third quarter of $21.5 million compared, with $17.2 million in the same 2013 period.
   Revenue was $441.8 million, compared to $415 million in the third quarter of 2013.
   Compared to the third quarter of last year, Hawaii container volumes were 3.8-percent higher, while automobile volumes were 20.8-percent lower. China container volumes were 7.4-percent lower when compared to the same period a last year.
   “The Hawaii economy is showing increased vibrancy, and we are earning our share of this growth,” said Matt Cox, Matson’s president and chief executive officer. “We had a strong third quarter this year — the result of a rebound in container carriage in our core Hawaii market, timing of fuel surcharge recoveries, higher freight yields in our major trade lanes,” as well as improved lift volumes at its joint terminal venture with SSA, and continuing improvements in its logistics unit.
   He noted the comparison with last year was positive, in part, because “we incurred several unfavorable items in the third quarter of last year, which affected year-over-year comparisons.”
   He said the company expects that in the fourth quarter of this year, ocean transportation operating income will increase and operating income from its logistics business will be slightly higher than comparable 2013 levels. This, he said, reflects continuing improvement in volume growth, expense control and warehouse operations.