HONOLULU (AP) - Cargo company Matson Inc. says its first-quarter profits more than doubled to $9.1 million, driven by increased trade in Hawaii, higher rates in China and running one fewer ship in its fleet.
The Honolulu company said Monday its earnings of 21 cents per share compared with earns of $3.8 million, or 9 cents per share, during the same quarter one year ago.
Matt Cox, the company's chief executive, says the solid quarter boosted the company's outlook for the rest of the year. Cox says Matson expects mixed results in ocean transportation, with volume down in Guam and up in Hawaii.
Matson says its revenue was $394.7 million during the three months ending March 31. That compared with revenue of $366.1 million during the first quarter last year.