Matson reported fourth-quarter earnings that were slightly below analysts estimates due to higher bunker prices during the fourth quarter.
The Jones Act-focused containership operator reported net income of $19.4m, or $0.44 per share for the quarter. That was shy of the $0.46 per share mean estimate from analysts and a drop from the $0.60 per share reported in the year earlier quarter.
Revenue for the quarter was $406m, up just over 1% from the year earlier quarter. But operating costs were up close to 5% for the quarter to $374.4m.
Chief executive Matt Cox says Maton's businesses performed as expected, but the quarter was negatively impacted by the increase in bunker fuel prices from mid-November through December.
It said the Hawaii trade saw modest westbound market growth in the fourth quarter, but container volumes were lower than year-ago levels. The company said it expects modest market growth this year supported by Hawaii's economy, construction spending and its market share.
The company's China trade saw a big gain of 27% thanks to the introduction of its expedited service following the Hanjin bankruptcy.
