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Matson, Inc. (NYSE: MATX) is a Honolulu-based publicly traded corporation, founded in 1882. It is a leading U.S. carrier in the Pacific, providing essential ocean transportation and logistics services. Matson operates a fleet of 18 vessels, including containerships, combination container and roll-on/roll-off ships, and custom-designed barges. These vessels serve crucial routes to Hawaii, Guam, Micronesia, and the South Pacific, as well as expedited services from China to Southern California.
The company's core business is divided into two main segments: Ocean Transportation and Logistics. The Ocean Transportation segment is responsible for the majority of Matson's revenue, offering ocean freight services to various island economies and domestic regions like Hawaii and Alaska. The Logistics segment, established in 1987, extends Matson’s transportation network throughout the continental U.S. and includes services such as rail intermodal, highway brokerage, warehousing, and supply chain management.
Matson's recent achievements include securing a significant rate premium to the Shanghai Containerized Freight Index, reflecting its fast and reliable ocean services. Despite a challenging business environment, including sluggish economic growth and lower year-over-year volumes in some tradelanes, Matson has managed to sustain its operations effectively. The company has also made substantial investments in its fleet and infrastructure, including ongoing upgrades and the construction of new vessels.
Matson's financial condition remains stable, with a strong cash position and ongoing share repurchase programs. As of the latest quarter, Matson reported a net income of $62.4 million, demonstrating its resilience and ability to navigate economic uncertainties. The company's logistics segment, while facing lower contributions from transportation brokerage, continues to provide a vital link in the supply chain, offering integrated, asset-light services across North America and Asia.
Matson's partnerships and strategic initiatives, such as its joint venture with SSAT for terminal operations, further enhance its service capabilities. The company also focuses on environmental sustainability, striving to reduce its carbon footprint through various green initiatives.
In summary, Matson, Inc. is a pivotal player in ocean transportation and logistics, providing indispensable services to island economies and beyond. With over a century of experience, the company continues to adapt and thrive, ensuring reliable and premium services to its clients.
Matson (NYSE: MATX) announced its participation in the Stephens 2024 Annual Investment Conference in Nashville, Tennessee on November 20, 2024. Joel Wine, Executive Vice President and Chief Financial Officer, will present a company overview and engage in a Q&A session. The presentation slides will be accessible to the public on Matson's website (www.matson.com) under the Investors section on the day of the event.
Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the Pacific, announced its third-quarter 2024 results with a net income of $199.1 million, or $5.89 per diluted share, up from $119.9 million, or $3.40 per diluted share, in Q3 2023. Consolidated revenue rose to $962.0 million from $827.5 million year-over-year. Operating income increased to $242.3 million from $132.1 million, and EBITDA reached $289.4 million, up from $175.1 million in the same period last year.
Matson repurchased 0.4 million shares and raised its full-year 2024 operating income outlook. The company highlighted strong performance in its Ocean Transportation and Logistics segments, driven by higher freight rates and demand in China.
Looking ahead, Matson expects Q4 2024 operating income to be meaningfully higher than the $75.3 million achieved in Q4 2023, with stable but moderated freight rates and steady performance in domestic tradelanes.
Matson (NYSE: MATX), a leading U.S. carrier in the Pacific, has announced its fourth quarter dividend. The company's Board of Directors has declared a dividend of $0.34 per common share, which will be distributed on December 5, 2024. Shareholders must be on record by the close of business on November 7, 2024 to receive this payment.
Matson (NYSE: MATX), a leading U.S. carrier in the Pacific, has announced that it will release its financial results for the third quarter of 2024 on Wednesday, October 30, 2024. A conference call is scheduled for 4:30 p.m. ET on the same day, where Matt Cox, Chairman and CEO, and Joel Wine, Executive VP and CFO, will discuss the company's third quarter results.
The conference call will be broadcast live along with an additional slide presentation on Matson's website. Participants can register for the call through a provided link. A replay of the conference call will be available approximately two hours after the event on the company's website.
Matson, Inc. (NYSE: MATX) has begun construction on the first of three new Aloha Class containerships at Philly Shipyard in Pennsylvania. This $1 billion investment is part of Matson's long-term decarbonization strategy. The vessels, designed for Hawaii and China-Long Beach Express services, will be Jones Act-compliant and delivered in 2026 and 2027.
The new ships will feature dual fuel engines capable of operating on conventional marine fuels or liquefied natural gas (LNG), along with other green ship technology. With a capacity of 3,600 TEU and speeds exceeding 23 knots, these 854-foot vessels will replace three existing ships in Matson's fleet.
Matson aims to achieve a 40% reduction in Scope 1 greenhouse gas fleet emissions by 2030 and net-zero emissions by 2050. The new ships will be named Makua, Malama, and Makena, continuing Matson's tradition of using Hawaiian names for its vessels.
Matson reported strong Q2 2024 results, with net income of $113.2 million ($3.31 per diluted share), up from $80.8 million in Q2 2023. Consolidated revenue increased to $847.4 million from $773.4 million year-over-year. The company's China service saw significantly higher freight rates, driving the increase in consolidated operating income. Matson expects elevated freight rates to continue during the traditional peak season. For Q3 2024, the company anticipates meaningfully higher operating income compared to Q3 2023's $132.1 million. Matson is raising its outlook for full year 2024 consolidated operating income. The company repurchased approximately 0.6 million shares in Q2 2024 and declared a cash dividend of $0.34 per share.
Matson (NYSE: MATX), a leading U.S. carrier in the Pacific, has announced it will release its second quarter 2024 financial results on Thursday, August 1, 2024. A conference call is scheduled for 4:30 p.m. ET on the same day, where Matt Cox, Chairman and CEO, and Joel Wine, Executive VP and CFO, will discuss the results.
The call will be broadcast live on Matson's website along with a slide presentation. Participants can register for the call online and will receive dial-in information and a unique PIN. A replay of the call will be available approximately two hours after the event on the company's website.
Matson, a leading U.S. carrier in the Pacific, has released its 2023 Sustainability Report. The report outlines the company's progress towards its environmental, social, and governance (ESG) goals. It provides in-depth information on Matson's efforts to:
- Maintain high ethical standards
- Reduce environmental impact
- Support employee and community wellbeing
The report is available for download on Matson's website, offering stakeholders a comprehensive view of the company's sustainability initiatives and achievements throughout 2023.
The Board of Directors of Matson (NYSE: MATX) has declared a third-quarter dividend of $0.34 per common share. This represents a 6.3% increase over the previous quarter's dividend of $0.32. The dividend will be paid on September 5, 2024, to shareholders of record as of August 1, 2024. This marks the twelfth consecutive annual increase in Matson's quarterly dividend. CEO Matt Cox highlighted the company's strong business performance and commitment to returning excess capital to shareholders through dividends and share repurchases, while also investing in growth opportunities and maintaining an investment-grade balance sheet.
On May 15, 2024, Matson announced that Joel Wine, Executive Vice President and CFO, will attend the Wolfe Global Transportation & Industrials Conference in New York on May 22, 2024. Presentation slides will be available on Matson's website under the Investors section on the same day.
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