Matson (MATX) Tops Q2 EPS by 5c

Matson (NYSE: MATX) reported Q2 EPS of $0.56, $0.05 better than the analyst estimate of $0.51. Revenue for the quarter came in at $447.6 million versus the consensus estimate of $456.39 million.

Matt Cox, Matson's President and Chief Executive Officer, commented, "Our core businesses delivered strong results in the second quarter, led by continued levels of exceptional demand for our premium expedited China service, yield improvements in Hawaii and Guam, further improvements at SSAT, and, for the first time, operating results from our Alaska acquisition. However, these favorable operational gains were offset by costs related to our Alaska acquisition and, more recently, the resolution of the molasses incident."

Mr. Cox added, "In Alaska, we're off to a good start and our integration is progressing as planned. We are on track to achieve our earnings and cash flow accretion expectations for this business within two years. Looking ahead to the balance of 2015, we expect Ocean Transportation operating income to moderately exceed 2014 levels and we expect our core businesses to continue to generate significant cash flow to pay down debt, fund growth initiatives, including our new vessel investments, and return capital to shareholders."

For earnings history and earnings-related data on Matson (MATX) click here.

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