- 3Q18 EPS of $0.97 versus $0.79 in 3Q17
- Net Income of $41.6 million versus $34.1 million in 3Q17
- EBITDA of $91.5 million versus $96.2 million in 3Q17
- Raises Full Year 2018 Outlook for Ocean Transportation
HONOLULU - Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $41.6 million, or $0.97 per diluted share, for the quarter ended September 30, 2018. Net income for the quarter ended September 30, 2017 was $34.1 million, or $0.79 per diluted share. Consolidated revenue for the third quarter 2018 was $589.4 million compared with $543.9 million reported for the third quarter 2017.
For the nine months ended September 30, 2018, Matson reported net income of $88.4 million, or $2.06 per diluted share compared with $65.1 million, or $1.50 per diluted share in 2017. Consolidated revenue for the nine month period ended September 30, 2018 was $1,657.9 million, compared with $1,530.8 million in 2017.
Matt Cox, Matson's Chairman and Chief Executive Officer, commented, "Our performance in the quarter was in line with our expectations with Ocean Transportation results approaching the level achieved last year and continued strong execution across all service lines in Logistics. We are pleased to see the exceptional performance of our Logistics segment for the quarter and year-to-date. For the quarter within Ocean Transportation, we saw a favorable rate environment in China and continued strong performance from SSAT, but we also faced unfavorable timing in fuel surcharge collections relative to fuel cost increases and lower volume in Alaska primarily due to a weaker-than-expected seafood season."
Mr. Cox added, "We expect our businesses to continue to perform well in the fourth quarter, and, as a result, we are raising our outlook for Ocean Transportation and maintaining our outlook for Logistics. For the full year 2018, we expect Ocean Transportation operating income to be modestly higher than the level achieved in 2017. For the full year 2018 in Logistics, we are maintaining our higher outlook for operating income given the strong trends across all service lines."