U.S. Pacific ocean transport company Matson, Inc. (Matson) today reported its third quarter 2012 results, saying revenues, income, and volumes all saw year on year growth, Ship & Bunker reports.
Commenting on the results, President and Chief Executive Officer Matt Cox said, "Matson reported another steady quarter, with results mixed by trade lane. We saw continued rate and volume strength in our expedited service from China, continued strong Guam volume and modest volume improvement in our Hawaii trade.
Net income for the three months ended September 30, 2012 was $19.1 million, compared to $8.7 million achieved in the same period last year, with the 2011 result being offset by costs associated with the closure of its second China-Long Beach Express (CLX2) service.
Q3 ocean transportation revenues were $307.1 million, up 9.1% year-on-year from $281.4 million, which Matson attributed to the growth in net volume.
In turn, that was driven primarily by the exit of a major competitor from the Guam trade in mid-November last year, with Guam container volumes rising 91.2% in the period to 6,500 compared to 3,400 in Q3 2011.
China containers grew 11.0% to 17,100 thanks to an additional sailing, a modest increase in demand saw Hawaii container volumes increase 0.8% to 35,700, while Hawaii automobiles grew 12.7% on the back of timing with the state's automobile rental fleet replacement.
Wholly-owned subsidiary Matson Logistics saw revenues slip 4.9% from $99.2 million in 2011 to $94.3 million this period, saying as it did last quarter that was mainly due to the closure of its CLX2 service, and the loss of a major ocean carrier customer.
Looking ahead, Cox said that the "balance sheet strength and strong cash flow generation support a strong dividend while providing ample capacity for future investments in our people, our businesses and new markets."
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