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Stock Alert: Matson Shares Surge On Q2 Preliminary Results

Matson Inc. (MATX) shares are trading 24 percent higher on Friday morning, as it expects an increase in earnings for the second quarter, compared to the prior year.

For the second quarter, the company expects second-quarter net income of $30.4 million to $32.6 million and earnings per share in a range of $0.70 to $0.75. The second-quarter operating income for Ocean Transportation is expected in a range of $40.5 to $42.5 million.

The provider of ocean transportation and logistics services has recorded strength in China services, including additional vessel charters.

In the prior year, the company had reported earnings of $18.4 million or $0.43 per share. Logistics revenues for the quarter were $142.5 million. Operating income for Ocean Transportation was recorded at $19.7 million.

MATX shares are currently at $33.76, up 23.47 percent from the previous close of $27.36.

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