Matson Reports Solid Q2 2014 Results, Dividend Increased

Leading U.S. carrier in the PacificMatson, Inc. reported net income of $18.1 million or $0.42 per diluted share for the quarter ended June 30, 2014, compared with $20.1 million or $0.47 per diluted share in 2013. Consolidated revenue for the second quarter 2014 was $436.4 million compared with $416.6 million in 2013.

Highlights

• 2Q14 Revenue of $436.4 million versus $416.6 million in 2Q13
• 2Q14 Operating Income of $35.7 million versus $36.5 million in 2Q13
• 2Q14 Net Income of $18.1 million, EBITDA of $53.1 million
• Second half 2014 Operating Income to significantly exceed second half 2013 level
• Quarterly dividend increased by 6.25 percent to $0.17 per share

Matt Cox, Matson's President and Chief Executive Officer, commented, "We had another solid quarter, benefiting from higher freight yields in our major trade lanes, improved lift volumes at SSAT and continuing improvements at Logistics. However, these benefits were offset by lower Hawaii container volume, increased vessel operating expenses stemming from vessel relief activities, and increased terminal handling expenses."

Mr. Cox continued, "Our operating platform continues to generate significant cash flow that positions us well to fund our fleet renewal program, undertake new growth opportunities and grow our dividend incrementally.  As we look to the balance of 2014, we expect overall results to exceed the results achieved in the second half of 2013."