MATSON ANNOUNCES ADDITION OF 3 MILLION SHARES TO EXISTING SHARE REPURCHASE PROGRAM

Rhea-AI Summary

Matson (NYSE: MATX) has announced an increase of three million shares to its existing share repurchase program, totaling approximately eight percent of its outstanding shares. This decision comes as the company has already repurchased around 5.5 million shares at a cost of nearly $465 million since the program's inception last August. The repurchases reflect Matson's commitment to returning excess cash to shareholders while remaining opportunistic in capital allocation.

Positive

• Addition of 3 million shares to the repurchase program enhances shareholder value.
• Previous repurchase of approximately 5.5 million shares indicates strong commitment to returning capital to shareholders.
• Total cost of past repurchases showcases effective capital management.

Negative

• None.

HONOLULU, Aug. 23, 2022 /PRNewswire/ -- The Board of Directors of Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the Pacific, approved adding three million shares, or approximately eight percent of outstanding common shares, to the existing six million share repurchase program. As of August 22, 2022, the existing share repurchase program had approximately 0.5 million shares remaining. 

"We are pleased to announce an additional three million shares to our existing share repurchase program," said Matt Cox, Matson's Chairman and Chief Executive Officer. "Since we commenced our share repurchase program last August, we have repurchased approximately 5.5 million shares for a total cost of nearly $465 million. Going forward, we will be both disciplined and opportunistic in our capital allocation, and we remain committed to returning excess cash to shareholders to create additional shareholder value over the long-term." 

Shares will be repurchased in the open market from time to time at the Company's discretion, based on ongoing assessments of the capital needs of the business, the market price of its common shares and general market conditions. The Company may enter into Rule 10b5-1 plans to facilitate purchases under the program. The repurchase program may be suspended or discontinued at any time.

About the Company

Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, provides service to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Dutch Harbor to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and custom-designed barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America. Its integrated, asset-light logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, Asia supply chain services, and forwarding to Alaska. Additional information about the Company is available at www.matson.com.

Forward Looking Statements

Statements in this news release that are not historical facts are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to, statements about capital allocation plans and the timing, manner and volume of repurchases of common shares pursuant to the repurchase program. These forward-looking statements are not guarantees of future performance.  This release should be read in conjunction with our Annual Report on Form 10-K and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release.  We do not undertake any obligation to update our forward-looking statements.

View original content to download multimedia:https://www.prnewswire.com/news-releases/matson-announces-addition-of-3-million-shares-to-existing-share-repurchase-program-301611084.html

SOURCE Matson, Inc.

FAQ

What is Matson's current share repurchase program status?

Matson has added three million shares to its existing repurchase program, which previously had about 0.5 million shares remaining.

How much has Matson spent on share repurchases since last August?

Matson has repurchased approximately 5.5 million shares for a total cost of nearly $465 million.

What percentage of outstanding shares does the new repurchase represent?

The additional three million shares represent approximately eight percent of Matson's outstanding common shares.

Can Matson suspend the share repurchase program?

Yes, the share repurchase program may be suspended or discontinued at any time.

What is the purpose of Matson's share repurchase program?

The share repurchase program aims to return excess cash to shareholders and create additional long-term shareholder value.