Matson reported lower first-quarter earnings as China's factory workers stayed at home amid the coronavirus lockdown instead of making goods for import into the US.
The Matt Cox-led owner of boxships posted a $3.8m profit for the three-month period on $514m in revenue versus a $12.5m profit on $532m in revenue in the first quarter of 2019.
"In China, the company's container volume in the first quarter 2020 was 6.5% lower year over year, primarily due to an elongated post-Lunar New Year period as China's shelter-in-place orders impacted factory production, factory-to-port infrastructure logistics, and inventory sourcing," chief executive Cox said.
Earnings per share came in at $0.09, falling in line with analyst consensus but below $0.29 a year ago.
The New York-listed company saw its US-Hawaii business improve 1.7% and its mainland US-Alaska business better by 11% as residents bought more food to prepare for sheltering in place.
Matson's SSAT joint venture port investment on the West Coast saw a $4m operating profit, down $4.5m from a year ago, mostly due to higher accounting costs and lower lift volume amid cancelled transpacific sailings.
Operating income its logistics segment was $5.1m, $3m lower than the year-ago result, primarily due to lower contributions from transportation brokerage and freight forwarding.
Like most shipowners, Matson last month withdrew its full-year 2020 outlook due to the increasing economic uncertainties regarding the pandemic.
