Matson, a U.S.-based carrier, reported Wednesday Q2 profit of $0.42 per share, up from $0.23 per share in the prior year period and in line with the Street estimate provided by Capital IQ.
Operating revenues were $467.7 million, up from $447.6 million reported for the same period last year but fell short of the $494.8 million Street estimate.
For Ocean Transportation segment, the company continues to expect full year 2016 operating income to be approximately 15% to 20% lower than the $187.8 million achieved in 2015. In Q3, the company expects operating income to be approximately 25% lower than Q3 2015 level of $68.9 million.
For the Logistics segment, the company expects 2016 operating income to modestly exceed the 2015 level of $8.5 million, driven by volume growth and continued expense control.
