Container carrier Matson today reported net income of $19.1 million for the third quarter, a jump of 119.5 percent from $8.7 million for the third quarter of 2011.
Net income in the first nine months of 2012 totaled $30.3 million, down $2.3 million from the $32.6 million profit reported in the same period last year.
Third quarter revenue was $401.4 million, up 5.5 percent year-over-year. Year-to-date revenue totaled $1.2 billion, compared with $1.1 billion in the same nine-month period in 2011.
“Matson reported another steady quarter, with results mixed by trade lane,” President and CEO Matt Cox said.
“We saw continued rate and volume strength in our expedited service from China, continued strong Guam volume and modest volume improvement in our Hawaii trade,” Cox continued. “These gains, while encouraging, were largely offset by increased expenses primarily associated with vessel and barge dry-docking during the quarter.”