Matson, Inc., a leading U.S. carrier in the Pacific, reported net income of $9.9 million, or $0.23 per diluted share for the quarter ended June 30, 2015. The Company's second quarter results were negatively impacted by $13.5 million of additional selling, general and administrative expenses related to the Company's acquisition of Horizon Lines, Inc. (the "Acquisition") in excess of the Company's incremental run-rate target and by $11.4 million of costs related to the Company's settlement with the State of Hawaii to resolve all claims arising from the discharge of molasses into Honolulu Harbor in September 2013 (the "Molasses Settlement"), which together reduced earnings per diluted share by $0.33.
Net income for the quarter ended June 30, 2014 was $18.1 million, or $0.42 per diluted share. Consolidated revenue for the second quarter 2015 was $447.6 million compared with $436.4 million reported for the second quarter 2014.
For the six months ended June 30, 2015, Matson reported net income of $34.9 million, or $0.79 per diluted share compared with $21.5 million, or $0.50 per diluted share in 2014. Year-to-date 2015 results were also negatively impacted by the additional selling, general and administrative expenses related to the Acquisition and the costs related to the Molasses Settlement. Consolidated revenue for the six-month period ended June 30, 2015 was $845.8 million, compared with $828.9 million in 2014.