For the full year 2016, Matson reported net income of $80.5 million, or $1.85 per diluted share compared with $103.0 million, or $2.34 per diluted share in 2015. Results for the year ended December 31, 2015 were negatively impacted by $29.6 million of additional selling, general and administrative expenses related the Company’s acquisition of Horizon Lines, Inc. (the “Horizon Acquisition”) and by $13.3 million for the Company’s settlement with the State of Hawaii to resolve all of the State’s claims arising from the discharge of molasses into Honolulu Harbor in September 2013 (the “Molasses Settlement”), which together reduced earnings per diluted share by $0.59. Consolidated revenue for the full year 2016 was $1,941.6 million, compared with $1,884.9 million in 2015.
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