That’s compared to fourth quarter 2019, when the net income was $15.6 million, or $0.36 per diluted share, its consolidated revenue was $540.7 million, according to the company.
“Matson capped off a strong year with continued solid performance in the fourth quarter from Ocean Transportation and Logistics despite the ongoing challenges from the COVID-19 pandemic and related economic effects,” said Chairman and Chief Executive Officer Matt Cox.
In Ocean Transportation, Matson’s China service saw significant demand for its CLX and CLX+ expedited ocean services, which primarily drove the increase in consolidated operating income year-over-year for the quarter and the full year, Cox said.
“We continued to see favorable supply and demand dynamics in the transpacific tradelane during the fourth quarter, and we continue to expect largely all of these trends to remain favorable in the first half of 2021 as the pandemic persists,” he said. “As the pandemic subsides with widespread vaccination, we expect some of the supply and demand factors that we are currently benefiting from to remain and continue to drive demand for our CLX and CLX+ services.”
Matson has seen ongoing demand for sustenance and home improvement goods, which have led to higher year-over-year volume growth in Hawaii, Alaska and Guam, he added.