Shipping company Matson sees higher operating profit

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Shares of Matson Inc. rose more than 5% in the extended session Monday after the shipping company said it expects fourth-quarter net income between $76.1 million and $81.6 million, and per-share earnings between $1.74 and to $1.87. It also called for an on-year increase in operating income thanks mostly by strength in China. The preliminary numbers are above Wall Street expectations. “We continued to see favorable supply and demand dynamics in the transpacific tradelane during the quarter, and we continue to expect largely all of these trends to remain favorable in the first half of 2021 as the pandemic persists,” Matson said in a statement. The company said it will report fourth-quarter earnings on Feb. 23.
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