American ShipperShipping

Matson reports higher profits in 2014

The ocean liner carrier said business improved across the board.

   Matson had a profit of $27.8 million in the fourth quarter of 2014, compared with $7.3 million in the same 2013 period, in which earnings were reduced by a nearly $10 million settlement for a lawsuit over freight charges. Consolidated revenue for the fourth quarter 2014 was $443.5 million, compared with $410.9 million reported for the fourth quarter 2013.
   For the full year 2014, Matson reported a profit of $70.8 million, compared with $53.7 million in 2013. Consolidated revenue for the full year 2014 was $1.7 billion compared with $1.6 billion in 2013.
   “2014 was a good year for Matson, punctuated by a strong fourth quarter,” said Matt Cox, Matson’s president and chief executive officer. “Performance improved in all of our business lines, buoyed by demand for our expedited China service, modest market growth in Hawaii and Guam, and continued improvements in logistics operations and SSAT,” the company’s terminal joint venture.

Chris Dupin

Chris Dupin has written about trade and transportation and other business subjects for a variety of publications before joining American Shipper and Freightwaves.