Matson, Inc. Announces Third Quarter 2019 Results; Maintains Full Year 2019 Operating Income Outlook
- 3Q19 EPS of $0.84 versus $0.97 in 3Q18
- 3Q19 Net Income of $36.2 million versus $41.6 million in 3Q18
- 3Q19 EBITDA of $89.1 million versus $91.5 million in 3Q18
- Maintains Full Year 2019 Consolidated Operating Income Outlook
HONOLULU, Nov. 7, 2019 /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (MATX), a leading U.S. carrier in the Pacific, today reported net income of $36.2 million, or $0.84 per diluted share, for the quarter ended September 30, 2019. Net income for the quarter ended September 30, 2018 was $41.6 million, or $0.97 per diluted share. Consolidated revenue for the third quarter 2019 was $572.1 million compared with $589.4 million for the third quarter 2018.
For the nine months ended September 30, 2019, Matson reported net income of $67.1 million, or $1.55 per diluted share, compared with $88.4 million, or $2.06 per diluted share, in 2018. Consolidated revenue for the nine month period ended September 30, 2019 was $1,662.4 million, compared with $1,657.9 million in 2018.
Matt Cox, Matson's Chairman and Chief Executive Officer, commented, "Our results in the quarter came in as expected. Within Ocean Transportation, our China tradelane service performed well, but we saw continued weakness in our Hawaii market and experienced softer-than-expected volume in our Alaska service. Within our Logistics segment, we continued to perform well with positive contributions to operating income from nearly all of the service lines.....