Hawaii container volume increased two percent in 2011 compared with 2010, due to a new connecting carrier agreement with a large international carrier that commenced at the end of 2010 and other customer gains, partially offset by one additional week in Matson’s 2010 fiscal year. Matson’s Hawaii automobile volume for the year was one percent lower than 2010, due principally to the timing of automobile rental fleet replacement activity. China’s CLX1 container volume decreased two percent in 2011, compared with 2010, principally due to increased competition from excess capacity in the trade. Guam container volume was flat as weaker market conditions were offset by gains related to the departure of Horizon Lines from the trade in mid-November.
Adjusted Ocean Transportation operating profit decreased $37.5 million in 2011, principally due to lower yields and cargo mix resulting from competitive pricing pressure, principally in the China trade, and higher terminal handling and outside transportation costs. These increases were partially offset by higher overall cargo volume. Adjusted operating profit was also impacted by $4.2 million in lower SSAT earnings due to lower volume.
|Logistics Services – Fourth quarter of 2011 compared with 2010|
|Quarter Ended December 31,|
|(dollars in millions)||2011||2010||Change|
|Operating profit (loss)||$||(0.6||)||$||2.0||NM|
|Operating profit margin||(0.6||)%||2.1||%|
Logistics Services revenue for the fourth quarter of 2011 decreased five percent, or $4.7 million, compared to the fourth quarter of 2010, due primarily to lower international intermodal volume due to the shutdown of CLX2, and 14 percent lower highway volume resulting from the loss of certain planned and unplanned full-truckload and less-than-truckload customers or lanes. Additionally, the prior year volume benefited from one additional week of activity during the period.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV