MATSON, INC. ANNOUNCES SECOND QUARTER 2024 RESULTS
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 ha riportato risultati solidi per il secondo trimestre del 2024, con un reddito netto di 113,2 milioni di dollari (3,31 dollari per azione diluita), in aumento rispetto agli 80,8 milioni di dollari registrati nel secondo trimestre del 2023. Il fatturato consolidato è aumentato a 847,4 milioni di dollari, rispetto ai 773,4 milioni di dollari dell'anno precedente. Il servizio in Cina della società ha visto tassi di trasporto significativamente più elevati, che hanno spinto l'aumento del reddito operativo consolidato. Matson si aspetta che i tassi di trasporto elevati continuino durante la tradizionale stagione di picco. Per il terzo trimestre del 2024, l'azienda prevede un reddito operativo nettamente più alto rispetto ai 132,1 milioni di dollari del terzo trimestre del 2023. Matson sta aumentando le sue previsioni per il reddito operativo consolidato per l'intero anno 2024. L'azienda ha riacquistato circa 0,6 milioni di azioni nel secondo trimestre del 2024 e ha dichiarato un dividendo in contanti di 0,34 dollari per azione.
Matson reportó resultados sólidos en el segundo trimestre de 2024, con un ingreso neto de 113,2 millones de dólares (3,31 dólares por acción diluida), un aumento desde los 80,8 millones de dólares en el segundo trimestre de 2023. Los ingresos consolidados aumentaron a 847,4 millones de dólares desde 773,4 millones de dólares en comparación con el año anterior. El servicio de la compañía en China experimentó tarifas de flete significativamente más altas, lo que impulsó el aumento en el ingreso operativo consolidado. Matson espera que las tarifas de flete elevadas continúen durante la tradicional temporada alta. Para el tercer trimestre de 2024, la empresa anticipa un ingreso operativo significativamente más alto en comparación con los 132,1 millones de dólares del tercer trimestre de 2023. Matson está aumentando sus perspectivas para el ingreso operativo consolidado del año completo 2024. La compañía recompró aproximadamente 0,6 millones de acciones en el segundo trimestre de 2024 y declaró un dividendo en efectivo de 0,34 dólares por acción.
Matson은 2024년 2분기 실적을 보고하며 순이익이 1억 1,320만 달러 (희석주당 3.31달러)로 2023년 2분기 8,080만 달러에서 증가했다고 밝혔습니다. 통합 매출은 8억 4,740만 달러로 작년의 7억 7,340만 달러에서 증가했습니다. 회사의 중국 서비스는 운임이 크게 상승하여 통합 운영 소득 증가를 견인했습니다. Matson은 운임이 높은 상태가 계속될 것으로 예상하고 있습니다, 전통적인 성수기 동안. 2024년 3분기에는 2023년 3분기의 1억 3,210만 달러에 비해 상당히 높은 운영 소득을 예상하고 있습니다. Matson은 2024년 전체 연도 통합 운영 소득 전망을 상향 조정하고 있습니다. 회사는 2024년 2분기에 약 60만 주를 재매입했으며 주당 0.34달러의 현금 배당금을 선언했습니다.
Matson a annoncé de solides résultats pour le deuxième trimestre 2024, avec un revenu net de 113,2 millions de dollars (3,31 dollars par action diluée), en hausse par rapport à 80,8 millions de dollars au deuxième trimestre 2023. Le chiffre d'affaires consolidé a augmenté à 847,4 millions de dollars, contre 773,4 millions de dollars l'année précédente. Le service de la société en Chine a connu des tarifs de fret considérablement plus élevés, ce qui a entraîné l'augmentation du revenu opérationnel consolidé. Matson s'attend à ce que les tarifs de fret élevés se poursuivent pendant la saison touristique traditionnelle. Pour le troisième trimestre 2024, l'entreprise prévoit un revenu opérationnel nettement plus élevé par rapport à 132,1 millions de dollars pour le troisième trimestre 2023. Matson augmente ses prévisions de revenu opérationnel consolidé pour l'ensemble de l'année 2024. L'entreprise a racheté environ 0,6 million d'actions au deuxième trimestre 2024 et a déclaré un dividende en espèces de 0,34 dollar par action.
Matson meldete im zweiten Quartal 2024 starke Ergebnisse mit einem Nettoeinkommen von 113,2 Millionen Dollar (3,31 Dollar pro verwässerter Aktie), im Vergleich zu 80,8 Millionen Dollar im zweiten Quartal 2023. Der konsolidierte Umsatz stieg auf 847,4 Millionen Dollar von 773,4 Millionen Dollar im Jahresvergleich. Der Dienst des Unternehmens in China verzeichnete deutlich höhere Frachtraten, was den Anstieg des konsolidierten Betriebsergebnisses vorantrieb. Matson erwartet, dass die erhöhten Frachtraten anhalten werden während der traditionellen Hochsaison. Für das dritte Quartal 2024 rechnet das Unternehmen mit deutlich höheren Betriebseinnahmen im Vergleich zu 132,1 Millionen Dollar im dritten Quartal 2023. Matson hebt die Prognose für das konsolidierte Betriebsergebnis für das gesamte Jahr 2024 an. Das Unternehmen hat im zweiten Quartal 2024 etwa 0,6 Millionen Aktien zurückgekauft und eine Bardividende von 0,34 Dollar pro Aktie erklärt.
- Net income increased to $113.2 million in Q2 2024 from $80.8 million in Q2 2023
- Consolidated revenue grew to $847.4 million from $773.4 million year-over-year
- China service saw significantly higher freight rates, driving increase in consolidated operating income
- Company expects elevated freight rates to continue during traditional peak season
- Raising outlook for full year 2024 consolidated operating income
- Repurchased approximately 0.6 million shares in Q2 2024
- Hawaii container volume decreased 3.6% year-over-year due to lower general demand
- Guam container volume decreased 6.1% year-over-year primarily due to one less sailing
- Tourist arrivals to Hawaii decreased year-over-year, primarily due to lower visitor traffic to Maui
Insights
Matson's Q2 2024 results demonstrate strong performance, with significant improvements across key financial metrics. The company reported net income of
The consolidated revenue increased by
Of particular note is the performance of Matson's China service, which saw significantly higher freight rates. This was attributed to a supportive U.S. economic environment, strong consumer demand and tighter supply chain conditions. The company expects these elevated rates to continue through the traditional peak season in Q3 and early Q4.
Matson's domestic trade lanes showed mixed results. Alaska volumes increased due to additional sailings, while Hawaii and Guam saw lower volumes. The company's Logistics segment also performed well, with operating income increasing
Looking ahead, Matson has raised its full-year 2024 outlook for Consolidated Operating Income, expecting it to be meaningfully higher in Q3 and moderately higher in Q4 compared to 2023. This positive outlook, combined with the company's strong balance sheet and ongoing share repurchase program, suggests a favorable trajectory for Matson in the near term.
Matson's Q2 2024 results reveal interesting dynamics in the logistics and shipping industry. The company's success in its China service underscores the ongoing shift from air freight to expedited ocean shipping, a trend likely to continue as e-commerce grows. This shift presents both opportunities and challenges for logistics providers.
The increase in China container volume by
However, the domestic tradelanes present a more complex picture. The decrease in Hawaii container volume by
The Logistics segment's performance is particularly noteworthy. Despite a marginal
Looking forward, Matson's expectation of continued elevated freight rates during the peak season suggests ongoing supply chain constraints and strong demand. However, the uncertainty beyond the peak season underscores the volatility in the global shipping market. Logistics providers and shippers alike should prepare for potential market shifts and focus on flexibility and efficiency to navigate the evolving landscape.
Matson's Q2 2024 results provide valuable insights into current market trends and consumer behavior. The company's performance reflects broader economic patterns that are shaping the shipping and logistics industry.
The significant increase in freight rates and volume for Matson's China service is particularly telling. This surge indicates a robust consumer demand in the U.S., despite inflationary pressures. It also suggests that supply chain bottlenecks are persisting, creating opportunities for expedited shipping services. The company's expectation that this trend will continue through the peak season aligns with forecasts of strong retail performance in the latter half of 2024.
However, the domestic market presents a more nuanced picture. The decrease in Hawaii container volume by
The Alaska market's positive performance, with a
Matson's success in its Logistics segment, particularly in supply chain management, reflects a broader trend towards integrated, end-to-end logistics solutions. As supply chains become more complex, there's increasing demand for comprehensive management services that can navigate global uncertainties and optimize operations.
Overall, Matson's results and outlook suggest a market characterized by strong but potentially peaking demand, persistent supply chain challenges and increasing importance of specialized, high-value logistics services. These trends are likely to shape strategic decisions across the retail, e-commerce and logistics sectors in the coming months.
- 2Q24 EPS of
versus$3.31 in 2Q23$2.26 - 2Q24 Net Income of
versus$113.2 million in 2Q23$80.8 million - 2Q24 Consolidated Operating Income of
versus$124.6 million in 2Q23$96.7 million - 2Q24 EBITDA of
versus$171.5 million in 2Q23$140.5 million - Repurchased approximately 0.6 million shares in 2Q24
- Raising outlook for Full Year 2024 Consolidated Operating Income
"Matson performed well in the second quarter with higher year-over-year operating income in both Ocean Transportation and Logistics business segments," said Chairman and Chief Executive Officer Matt Cox. "Within Ocean Transportation, our
Mr. Cox added, "In our domestic tradelanes, we saw higher year-over-volumes in
"Looking ahead, we expect our
Second Quarter 2024 Discussion and Outlook for 2024
Ocean Transportation: The Company's container volume in the
In
In
In
The contribution in the second quarter 2024 from the Company's SSAT joint venture investment was
As a result of the outlook trends noted above, the Company expects third quarter 2024 operating income for Ocean Transportation to be meaningfully higher than the
Logistics: In the second quarter 2024, operating income for the Company's Logistics segment was
Consolidated Operating Income: The Company expects Matson's third quarter 2024 consolidated operating income to be meaningfully higher than the
Depreciation and Amortization: For full year 2024, the Company expects depreciation and amortization expense to be approximately
Interest Income: The Company expects interest income for the full year 2024 to be approximately
Interest Expense: The Company expects interest expense for the full year 2024 to be approximately
Other Income (Expense): The Company expects full year 2024 other income (expense) to be approximately
Income Taxes: In the second quarter 2024, the Company's effective tax rate was 20.9 percent. For the full year 2024, the Company expects its effective tax rate to be approximately 22.0 percent.
Capital and Vessel Dry-docking Expenditures: In the second quarter 2024, the Company made capital expenditure payments excluding vessel construction expenditures of
Results By Segment | ||||||||||||
Ocean Transportation — Three months ended June 30, 2024 compared with 2023 | ||||||||||||
Three Months Ended June 30, | ||||||||||||
(Dollars in millions) | 2024 | 2023 | Change | |||||||||
Ocean Transportation revenue | $ | 689.9 | $ | 616.9 | $ | 73.0 | 11.8 | % | ||||
Operating costs and expenses | (580.9) | (534.5) | (46.4) | 8.7 | % | |||||||
Operating income | $ | 109.0 | $ | 82.4 | $ | 26.6 | 32.3 | % | ||||
Operating income margin | 15.8 | % | 13.4 | % | ||||||||
Volume (Forty-foot equivalent units (FEU), except for automobiles) (1) | ||||||||||||
35,100 | 36,400 | (1,300) | (3.6) | % | ||||||||
8,600 | 9,800 | (1,200) | (12.2) | % | ||||||||
21,500 | 20,500 | 1,000 | 4.9 | % | ||||||||
37,800 | 36,700 | 1,100 | 3.0 | % | ||||||||
4,600 | 4,900 | (300) | (6.1) | % | ||||||||
Other containers (2) | 4,400 | 4,400 | — | — | % |
_________________________ | |
(1) | Approximate volumes included for the period are based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period. |
(2) | Includes containers from services in various islands in |
Ocean Transportation revenue increased
On a year-over-year FEU basis,
Ocean Transportation operating income increased
The Company's SSAT terminal joint venture investment contributed
Ocean Transportation — Six months ended June 30, 2024 compared with 2023 | ||||||||||||
Six Months Ended June 30, | ||||||||||||
(Dollars in millions) | 2024 | 2023 | Change | |||||||||
Ocean Transportation revenue | $ | 1,268.9 | $ | 1,167.9 | $ | 101.0 | 8.6 | % | ||||
Operating costs and expenses | (1,132.3) | (1,057.7) | (74.6) | 7.1 | % | |||||||
Operating income | $ | 136.6 | $ | 110.2 | $ | 26.4 | 24.0 | % | ||||
Operating income margin | 10.8 | % | 9.4 | % | ||||||||
Volume (Forty-foot equivalent units (FEU), except for automobiles) (1) | ||||||||||||
69,700 | 71,600 | (1,900) | (2.7) | % | ||||||||
15,000 | 19,200 | (4,200) | (21.9) | % | ||||||||
40,300 | 40,300 | — | — | % | ||||||||
66,700 | 66,800 | (100) | (0.1) | % | ||||||||
9,500 | 9,800 | (300) | (3.1) | % | ||||||||
Other containers (2) | 8,000 | 8,500 | (500) | (5.9) | % |
_________________________ | |
(1) | Approximate volumes included for the period are based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period. |
(2) | Includes containers from services in various islands in |
Ocean Transportation revenue increased
On a year-over-year FEU basis,
Ocean Transportation operating income increased
The Company's SSAT terminal joint venture investment contributed
Logistics — Three months ended June 30, 2024 compared with 2023 | ||||||||||||
Three Months Ended June 30, | ||||||||||||
(Dollars in millions) | 2024 | 2023 | Change | |||||||||
Logistics revenue | $ | 157.5 | $ | 156.5 | $ | 1.0 | 0.6 | % | ||||
Operating costs and expenses | (141.9) | (142.2) | 0.3 | (0.2) | % | |||||||
Operating income | $ | 15.6 | $ | 14.3 | $ | 1.3 | 9.1 | % | ||||
Operating income margin | 9.9 | % | 9.1 | % |
Logistics revenue increased
Logistics operating income increased
Logistics — Six months ended June 30, 2024 compared with 2023 | ||||||||||||
Six Months Ended June 30, | ||||||||||||
(Dollars in millions) | 2024 | 2023 | Change | |||||||||
Logistics revenue | $ | 300.6 | $ | 310.3 | $ | (9.7) | (3.1) | % | ||||
Operating costs and expenses | (275.7) | (285.1) | 9.4 | (3.3) | % | |||||||
Operating income | $ | 24.9 | $ | 25.2 | $ | (0.3) | (1.2) | % | ||||
Operating income margin | 8.3 | % | 8.1 | % |
Logistics revenue decreased
Logistics operating income decreased
Liquidity, Cash Flows and Capital Allocation
Matson's Cash and Cash Equivalents increased by
During the second quarter 2024, Matson repurchased approximately 0.6 million shares for a total cost of
1 Total debt is presented before any reduction for deferred loan fees as required by GAAP. |
Teleconference and Webcast
A conference call is scheduled on August 1, 2024 at 4:30 p.m. ET when Matt Cox, Chairman and Chief Executive Officer, and Joel Wine, Executive Vice President and Chief Financial Officer, will discuss Matson's second quarter results.
Date of Conference Call: | Thursday, August 1, 2024 |
Scheduled Time: | 4:30 p.m. ET / 1:30 p.m. PT / 10:30 a.m. HT |
The conference call will be broadcast live along with an additional slide presentation on the Company's website at www.matson.com, under Investors.
Participants may register for the conference call at:
https://register.vevent.com/register/BI46275cd6dd3e4e0f822264460aac8378
Registered participants will receive the conference call dial-in number and a unique PIN code to access the live event. While not required, it is recommended you join 10 minutes prior to the event starting time. A replay of the conference call will be available approximately two hours after the event by accessing the webcast link at www.matson.com, under Investors.
About the Company
Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of
GAAP to Non-GAAP Reconciliation
This press release, the Form 8-K and the information to be discussed in the conference call include non-GAAP measures. While Matson reports financial results in accordance with
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, including without limitation those statements regarding outlook; operating income; depreciation and amortization, including dry-docking amortization; interest income; interest expense; other income (expense); tax rate; capital and vessel dry-docking expenditures; volume, freight rates and demand; economic, supply chain, and geopolitical conditions; the shift from air freight to expedited ocean; growth of e-commerce goods; demand for our
MATSON, INC. AND SUBSIDIARIES | ||||||||||||
Condensed Consolidated Statements of Income | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
(In millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||
Operating Revenue: | ||||||||||||
Ocean Transportation | $ | 689.9 | $ | 616.9 | $ | 1,268.9 | $ | 1,167.9 | ||||
Logistics | 157.5 | 156.5 | 300.6 | 310.3 | ||||||||
Total Operating Revenue | 847.4 | 773.4 | 1,569.5 | 1,478.2 | ||||||||
Costs and Expenses: | ||||||||||||
Operating costs | (646.9) | (604.7) | (1,259.1) | (1,202.2) | ||||||||
Income (Loss) from SSAT | 1.2 | (1.4) | 1.6 | (3.2) | ||||||||
Selling, general and administrative | (77.1) | (70.6) | (150.5) | (137.4) | ||||||||
Total Costs and Expenses | (722.8) | (676.7) | (1,408.0) | (1,342.8) | ||||||||
Operating Income | 124.6 | 96.7 | 161.5 | 135.4 | ||||||||
Interest income | 18.8 | 8.7 | 27.6 | 16.9 | ||||||||
Interest expense | (2.1) | (2.9) | (4.3) | (7.4) | ||||||||
Other income (expense), net | 1.8 | 1.8 | 3.6 | 3.6 | ||||||||
Income before Taxes | 143.1 | 104.3 | 188.4 | 148.5 | ||||||||
Income taxes | (29.9) | (23.5) | (39.1) | (33.7) | ||||||||
Net Income | $ | 113.2 | $ | 80.8 | $ | 149.3 | $ | 114.8 | ||||
Basic Earnings Per Share | $ | 3.34 | $ | 2.28 | $ | 4.38 | $ | 3.21 | ||||
Diluted Earnings Per Share | $ | 3.31 | $ | 2.26 | $ | 4.33 | $ | 3.19 | ||||
Weighted Average Number of Shares Outstanding: | ||||||||||||
Basic | 33.9 | 35.5 | 34.1 | 35.8 | ||||||||
Diluted | 34.2 | 35.7 | 34.5 | 36.0 |
MATSON, INC. AND SUBSIDIARIES | ||||||
Condensed Consolidated Balance Sheets | ||||||
(Unaudited) | ||||||
June 30, | December 31, | |||||
(In millions) | 2024 | 2023 | ||||
ASSETS | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | 168.2 | $ | 134.0 | ||
Other current assets | 378.0 | 468.3 | ||||
Total current assets | 546.2 | 602.3 | ||||
Long-term Assets: | ||||||
Investment in SSAT | 86.4 | 85.5 | ||||
Property and equipment, net | 2,151.2 | 2,089.9 | ||||
Goodwill | 327.8 | 327.8 | ||||
Intangible assets, net | 169.1 | 176.4 | ||||
Capital Construction Fund | 613.9 | 599.4 | ||||
Other long-term assets | 379.3 | 413.3 | ||||
Total long-term assets | 3,727.7 | 3,692.3 | ||||
Total assets | $ | 4,273.9 | $ | 4,294.6 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current Liabilities: | ||||||
Current portion of debt | $ | 39.7 | $ | 39.7 | ||
Other current liabilities | 544.8 | 522.6 | ||||
Total current liabilities | 584.5 | 562.3 | ||||
Long-term Liabilities: | ||||||
Long-term debt, net of deferred loan fees | 370.0 | 389.3 | ||||
Deferred income taxes | 679.9 | 669.3 | ||||
Other long-term liabilities | 241.0 | 273.0 | ||||
Total long-term liabilities | 1,290.9 | 1,331.6 | ||||
Total shareholders' equity | 2,398.5 | 2,400.7 | ||||
Total liabilities and shareholders' equity | $ | 4,273.9 | $ | 4,294.6 |
MATSON, INC. AND SUBSIDIARIES | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(Unaudited) | |||||||
Six Months Ended June 30, | |||||||
(In millions) | 2024 | 2023 | |||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 149.3 | $ | 114.8 | |||
Reconciling adjustments: | |||||||
Depreciation and amortization | 76.4 | 72.1 | |||||
Amortization of operating lease right of use assets | 68.1 | 75.7 | |||||
Deferred income taxes | 7.5 | (3.0) | |||||
Share-based compensation expense | 12.0 | 9.8 | |||||
(Income) loss from SSAT | (1.6) | 3.2 | |||||
Distributions from SSAT | 14.0 | — | |||||
Other | (6.5) | (1.7) | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable, net | (28.9) | (16.8) | |||||
Deferred dry-docking payments | (17.3) | (8.9) | |||||
Deferred dry-docking amortization | 13.7 | 12.4 | |||||
Prepaid expenses and other assets | 114.6 | 68.3 | |||||
Accounts payable, accruals and other liabilities | 17.4 | 3.6 | |||||
Operating lease liabilities | (69.0) | (76.3) | |||||
Other long-term liabilities | (5.2) | (6.7) | |||||
Net cash provided by operating activities | 344.5 | 246.5 | |||||
Cash Flows From Investing Activities: | |||||||
Capitalized vessel construction expenditures | (38.2) | (50.8) | |||||
Capital expenditures (excluding vessel construction expenditures) | (86.9) | (75.5) | |||||
Proceeds from disposal of property and equipment, net | 3.2 | 0.1 | |||||
Payment for intangible asset acquisition | — | (12.4) | |||||
Cash deposits and interest into the Capital Construction Fund, net | (45.0) | (113.1) | |||||
Withdrawals from Capital Construction Fund, net | 35.8 | 49.9 | |||||
Net cash used in investing activities | (131.1) | (201.8) | |||||
Cash Flows From Financing Activities: | |||||||
Repayments of debt | (19.9) | (55.1) | |||||
Dividends paid | (22.1) | (22.4) | |||||
Repurchase of Matson common stock | (120.1) | (82.5) | |||||
Tax withholding related to net share settlements of restricted stock units | (17.0) | (12.5) | |||||
Net cash used in financing activities | (179.1) | (172.5) | |||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 34.3 | (127.8) | |||||
Cash and Cash Equivalents, and Restricted Cash, Beginning of the Period | 136.3 | 253.7 | |||||
Cash and Cash Equivalents, and Restricted Cash, End of the Period | $ | 170.6 | $ | 125.9 | |||
Reconciliation of Cash, Cash Equivalents and Restricted Cash, End of the Period: | |||||||
Cash and Cash Equivalents | $ | 168.2 | $ | 122.0 | |||
Restricted Cash | 2.4 | 3.9 | |||||
Total Cash and Cash Equivalents, and Restricted Cash, End of the Period | $ | 170.6 | $ | 125.9 | |||
Supplemental Cash Flow Information: | |||||||
Interest paid, net of capitalized interest | $ | 3.5 | $ | 7.1 | |||
Income tax payments (refunds), net | $ | (114.3) | $ | (28.8) | |||
Non-cash Information: | |||||||
Capital expenditures included in accounts payable, accruals and other liabilities | $ | 15.3 | $ | 8.4 | |||
Non-cash payment for intangible asset acquisition | $ | — | $ | 4.1 | |||
Accrued dividends | $ | 11.4 | $ | 11.2 |
MATSON, INC. AND SUBSIDIARIES | |||||||||||||
Net Income to EBITDA Reconciliations | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended | |||||||||||||
June 30, | Last Twelve | ||||||||||||
(In millions) | 2024 | 2023 | Change | Months | |||||||||
Net Income | $ | 113.2 | $ | 80.8 | $ | 32.4 | $ | 331.6 | |||||
Subtract: | Interest income | (18.8) | (8.7) | (10.1) | (46.7) | ||||||||
Add: | Interest expense | 2.1 | 2.9 | (0.8) | 9.1 | ||||||||
Add: | Income taxes | 29.9 | 23.5 | 6.4 | 81.3 | ||||||||
Add: | Depreciation and amortization | 38.2 | 35.8 | 2.4 | 146.9 | ||||||||
Add: | Dry-dock amortization | 6.9 | 6.2 | 0.7 | 26.6 | ||||||||
EBITDA (1) | $ | 171.5 | $ | 140.5 | $ | 31.0 | $ | 548.8 | |||||
Six Months Ended | |||||||||||||
June 30, | |||||||||||||
(In millions) | 2024 | 2023 | Change | ||||||||||
Net Income | $ | 149.3 | $ | 114.8 | $ | 34.5 | |||||||
Subtract: | Interest income | (27.6) | (16.9) | (10.7) | |||||||||
Add: | Interest expense | 4.3 | 7.4 | (3.1) | |||||||||
Add: | Income taxes | 39.1 | 33.7 | 5.4 | |||||||||
Add: | Depreciation and amortization | 75.5 | 70.8 | 4.7 | |||||||||
Add: | Dry-dock amortization | 13.7 | 12.4 | 1.3 | |||||||||
EBITDA (1) | $ | 254.3 | $ | 222.2 | $ | 32.1 |
__________________________ | |
(1) | EBITDA is defined as earnings before interest, income taxes, depreciation and amortization (including deferred dry-docking amortization). EBITDA should not be considered as an alternative to net income (as determined in accordance with GAAP), as an indicator of our operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) as a measure of liquidity. Our calculation of EBITDA may not be comparable to EBITDA as calculated by other companies, nor is this calculation identical to the EBITDA used by our lenders to determine financial covenant compliance. |
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SOURCE Matson, Inc.
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