MATSON, INC. ANNOUNCES THIRD QUARTER 2024 RESULTS
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, Inc. (NYSE: MATX), un importante operatore statunitense nel Pacifico, ha annunciato i risultati del terzo trimestre 2024 con un utile netto di 199,1 milioni di dollari, ovvero 5,89 dollari per azione diluita, in aumento rispetto ai 119,9 milioni di dollari, o 3,40 dollari per azione diluita, nel terzo trimestre 2023. I ricavi consolidati sono aumentati a 962,0 milioni di dollari, rispetto ai 827,5 milioni di dollari dell'anno precedente. Il reddito operativo è aumentato a 242,3 milioni di dollari, rispetto ai 132,1 milioni di dollari, e l'EBITDA ha raggiunto i 289,4 milioni di dollari, in aumento rispetto ai 175,1 milioni di dollari nello stesso periodo dell'anno scorso.
Matson ha riacquistato 0,4 milioni di azioni e ha alzato le stime per il reddito operativo dell'intero anno 2024. L'azienda ha messo in evidenza le forti performance nei segmenti Trasporto Marittimo e Logistica, sostenute da tariffe di trasporto più elevate e dalla domanda in Cina.
Guardando avanti, Matson si aspetta che il reddito operativo del quarto trimestre 2024 sia significativamente superiore ai 75,3 milioni di dollari ottenuti nel quarto trimestre 2023, con tariffe di trasporto stabili ma moderate e prestazioni costanti nei percorsi di tiro domestici.
Matson, Inc. (NYSE: MATX), un importante transportista estadounidense en el Pacífico, anunció sus resultados del tercer trimestre de 2024 con un ingreso neto de 199,1 millones de dólares, o 5,89 dólares por acción diluida, un aumento respecto a los 119,9 millones de dólares, o 3,40 dólares por acción diluida, en el tercer trimestre de 2023. Los ingresos consolidados aumentaron a 962,0 millones de dólares desde 827,5 millones de dólares en el mismo período del año anterior. El ingreso operativo se incrementó a 242,3 millones de dólares desde 132,1 millones de dólares, y el EBITDA alcanzó los 289,4 millones de dólares, frente a los 175,1 millones de dólares en el mismo período del año pasado.
Matson recompró 0,4 millones de acciones y elevó su perspectiva de ingreso operativo para todo el año 2024. La empresa destacó un sólido rendimiento en sus segmentos de Transporte Marítimo y Logística, impulsado por tarifas de flete más altas y demanda en China.
De cara al futuro, Matson espera que el ingreso operativo del cuarto trimestre de 2024 sea significativamente mayor que los 75,3 millones de dólares alcanzados en el cuarto trimestre de 2023, con tarifas de flete estables pero moderadas y un rendimiento constante en las rutas comerciales nacionales.
Matson, Inc. (NYSE: MATX), 태평양의 주요 미국 운송업체가 2024년 3분기 실적을 발표했으며, 순이익은 1억 9910만 달러, 즉 희석 주당 5.89달러로, 2023년 3분기의 1억 1990만 달러 또는 희석 주당 3.40달러에서 증가했습니다. 통합 수익은 전년 대비 8억 6200만 달러에서 9억 6200만 달러로 증가했습니다. 운영 수익은 1억 2423만 달러에서 1억 321만 달러로 증가했고, EBITDA는 지난해 같은 기간의 1억 7510만 달러에서 2억 8940만 달러로 증가했습니다.
Matson은 40만 주를 재매입하였고, 2024년 전체 연도 운영 수익 전망을 상향 조정했습니다. 이 회사는 더 높은 운송 요금과 중국 내 수요에 의해 주도된 해양 운송 및 물류 부문에서의 강력한 성과를 강조했습니다.
앞으로 Matson은 2024년 4분기 운영 수익이 2023년 4분기에 달성한 7530만 달러보다 상당히 높을 것으로 예상하며, 안정적이지만 완화된 운송 요금과 국내 수출입 경로에서의 안정적인 성과를 보일 것으로 예상합니다.
Matson, Inc. (NYSE: MATX), un important transporteur américain dans le Pacifique, a annoncé ses résultats du troisième trimestre 2024 avec un revenu net de 199,1 millions de dollars, soit 5,89 dollars par action diluée, en hausse par rapport à 119,9 millions de dollars, soit 3,40 dollars par action diluée, au troisième trimestre de 2023. Les revenus consolidés ont augmenté à 962,0 millions de dollars contre 827,5 millions de dollars d'une année sur l'autre. Le résultat d'exploitation a augmenté à 242,3 millions de dollars contre 132,1 millions de dollars et l'EBITDA a atteint 289,4 millions de dollars, contre 175,1 millions de dollars pour la même période de l'année dernière.
Matson a racheté 0,4 million d'actions et a relevé ses prévisions de résultat d'exploitation pour l'ensemble de l'année 2024. L'entreprise a souligné des performances solides dans ses segments de Transport Océanique et de Logistique, soutenues par des tarifs de fret plus élevés et une demande en Chine.
En regardant vers l'avenir, Matson s'attend à ce que le résultat d'exploitation du quatrième trimestre 2024 soit sensiblement supérieur aux 75,3 millions de dollars réalisés au quatrième trimestre 2023, avec des tarifs de fret stables mais modérés et une performance constante sur les routes commerciales domestiques.
Matson, Inc. (NYSE: MATX), ein führendes US-Unternehmen im Pazifik, gab seine Ergebnisse für das dritte Quartal 2024 bekannt und verzeichnete einen Nettoertrag von 199,1 Millionen US-Dollar, oder 5,89 US-Dollar pro verwässerter Aktie, im Vergleich zu 119,9 Millionen US-Dollar, oder 3,40 US-Dollar pro verwässerter Aktie, im dritten Quartal 2023. Der konsolidierte Umsatz stieg im Jahresvergleich auf 962,0 Millionen US-Dollar von 827,5 Millionen US-Dollar. Das Betriebsergebnis erhöhte sich auf 242,3 Millionen US-Dollar von 132,1 Millionen US-Dollar, und EBITDA erreichte 289,4 Millionen US-Dollar, nach 175,1 Millionen US-Dollar im gleichen Zeitraum des Vorjahres.
Matson hat 0,4 Millionen Aktien zurückgekauft und seine Prognose für das Betriebsergebnis für das gesamte Jahr 2024 angehoben. Das Unternehmen hob die starke Leistung in seinen Ozeantransport- und Logistik-Segmenten hervor, die von höheren Frachtraten und einer Nachfrage in China getragen wird.
Im Hinblick auf die Zukunft erwartet Matson, dass das Betriebsergebnis im vierten Quartal 2024 erheblich über den 75,3 Millionen US-Dollar im vierte Quartal 2023 liegt, mit stabilen, aber moderaten Frachtraten und stabiler Leistung in den heimischen Handelsrouten.
- 3Q24 EPS increased to $5.89 from $3.40 in 3Q23.
- 3Q24 net income rose to $199.1 million from $119.9 million in 3Q23.
- 3Q24 consolidated revenue grew to $962.0 million from $827.5 million in 3Q23.
- 3Q24 operating income surged to $242.3 million from $132.1 million in 3Q23.
- 3Q24 EBITDA increased to $289.4 million from $175.1 million in 3Q23.
- Raised full-year 2024 consolidated operating income outlook.
- 3Q24 Hawaii container volume decreased by 2.2% year-over-year.
- 3Q24 Guam container volume decreased by 9.4% year-over-year.
Insights
The Q3 2024 results demonstrate exceptional performance with
The China service emerged as the primary growth driver, benefiting from elevated freight rates during peak season. The domestic market shows mixed results with Alaska volumes up
Share repurchases of 0.4 million shares demonstrate confidence in the business outlook, while the stable
The logistics segment shows resilience with
The SSAT joint venture's substantial improvement to
- 3Q24 EPS of
versus$5.89 in 3Q23$3.40 - 3Q24 Net Income of
versus$199.1 million in 3Q23$119.9 million - 3Q24 Consolidated Operating Income of
versus$242.3 million in 3Q23$132.1 million - 3Q24 EBITDA of
versus$289.4 million in 3Q23$175.1 million - Repurchased approximately 0.4 million shares in 3Q24
- Raising outlook for Full Year 2024 Consolidated Operating Income
"Matson had a very strong third quarter that exceeded our expectations with higher year-over-year operating income in both Ocean Transportation and Logistics segments. Within Ocean Transportation, our
Mr. Cox added, "In our domestic tradelanes, we saw higher year-over-volume in
"Looking ahead, we expect our
Third Quarter 2024 Discussion and Outlook for 2024
Ocean Transportation: The Company's container volume in the
In
In
In
The contribution in the third quarter 2024 from the Company's SSAT joint venture investment was
As a result of the outlook trends noted above, the Company expects fourth quarter 2024 operating income for Ocean Transportation to be meaningfully higher than the
Logistics: In the third quarter 2024, operating income for the Company's Logistics segment was
Consolidated Operating Income: The Company expects Matson's fourth 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 third quarter 2024, the Company's effective tax rate was 21.2 percent. For the fourth quarter 2024, the Company expects its effective tax rate to be approximately 22.0 percent.
Capital and Vessel Dry-docking Expenditures: In the third quarter 2024, the Company made capital expenditure payments excluding vessel construction expenditures of
Results By Segment | ||||||||||||
Ocean Transportation — Three months ended September 30, 2024 compared with 2023 | ||||||||||||
Three Months Ended September 30, | ||||||||||||
(Dollars in millions) | 2024 | 2023 | Change | |||||||||
Ocean Transportation revenue | $ | 798.7 | $ | 669.4 | $ | 129.3 | 19.3 | % | ||||
Operating costs and expenses | (571.8) | (551.2) | (20.6) | 3.7 | % | |||||||
Operating income | $ | 226.9 | $ | 118.2 | $ | 108.7 | 92.0 | % | ||||
Operating income margin | 28.4 | % | 17.7 | % | ||||||||
Volume (Forty-foot equivalent units (FEU), except for automobiles) (1) | ||||||||||||
36,200 | 37,000 | (800) | (2.2) | % | ||||||||
8,400 | 10,100 | (1,700) | (16.8) | % | ||||||||
22,200 | 21,900 | 300 | 1.4 | % | ||||||||
40,000 | 39,000 | 1,000 | 2.6 | % | ||||||||
4,800 | 5,300 | (500) | (9.4) | % | ||||||||
Other containers (2) | 4,700 | 4,300 | 400 | 9.3 | % |
______________________ | |
(1) | Approximate volume 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 — Nine months ended September 30, 2024 compared with 2023 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||
(Dollars in millions) | 2024 | 2023 | Change | |||||||||
Ocean Transportation revenue | $ | 2,067.6 | $ | 1,837.3 | $ | 230.3 | 12.5 | % | ||||
Operating costs and expenses | (1,704.1) | (1,608.9) | (95.2) | 5.9 | % | |||||||
Operating income | $ | 363.5 | $ | 228.4 | $ | 135.1 | 59.2 | % | ||||
Operating income margin | 17.6 | % | 12.4 | % | ||||||||
Volume (Forty-foot equivalent units (FEU), except for automobiles) (1) | ||||||||||||
105,900 | 108,600 | (2,700) | (2.5) | % | ||||||||
23,400 | 29,300 | (5,900) | (20.1) | % | ||||||||
62,500 | 62,200 | 300 | 0.5 | % | ||||||||
106,700 | 105,800 | 900 | 0.9 | % | ||||||||
14,300 | 15,100 | (800) | (5.3) | % | ||||||||
Other containers (2) | 12,700 | 12,800 | (100) | (0.8) | % |
______________________ | |
(1) | Approximate volume 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 September 30, 2024 compared with 2023 | ||||||||||||
Three Months Ended September 30, | ||||||||||||
(Dollars in millions) | 2024 | 2023 | Change | |||||||||
Logistics revenue | $ | 163.3 | $ | 158.1 | $ | 5.2 | 3.3 | % | ||||
Operating costs and expenses | (147.9) | (144.2) | (3.7) | 2.6 | % | |||||||
Operating income | $ | 15.4 | $ | 13.9 | $ | 1.5 | 10.8 | % | ||||
Operating income margin | 9.4 | % | 8.8 | % |
Logistics revenue increased
Logistics operating income increased
Logistics — Nine months ended September 30, 2024 compared with 2023 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||
(Dollars in millions) | 2024 | 2023 | Change | |||||||||
Logistics revenue | $ | 463.9 | $ | 468.4 | $ | (4.5) | (1.0) | % | ||||
Operating costs and expenses | (423.6) | (429.3) | 5.7 | (1.3) | % | |||||||
Operating income | $ | 40.3 | $ | 39.1 | $ | 1.2 | 3.1 | % | ||||
Operating income margin | 8.7 | % | 8.3 | % |
Logistics revenue decreased
Logistics operating income increased
Liquidity, Cash Flows and Capital Allocation
Matson's Cash and Cash Equivalents increased by
During the third quarter 2024, Matson repurchased approximately 0.4 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 October 30, 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 third quarter results.
Date of Conference Call: | Wednesday, October 30, 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/BI3cd881662f5648948a7c2f905510e4eb
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; supply and demand dynamics in the Transpacific; economic growth and drivers in
MATSON, INC. AND SUBSIDIARIES | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(In millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||
Operating Revenue: | ||||||||||||
Ocean Transportation | $ | 798.7 | $ | 669.4 | $ | 2,067.6 | $ | 1,837.3 | ||||
Logistics | 163.3 | 158.1 | 463.9 | 468.4 | ||||||||
Total Operating Revenue | 962.0 | 827.5 | 2,531.5 | 2,305.7 | ||||||||
Costs and Expenses: | ||||||||||||
Operating costs | (654.3) | (624.1) | (1,913.4) | (1,826.3) | ||||||||
Income (Loss) from SSAT | 6.9 | 1.3 | 8.5 | (1.9) | ||||||||
Selling, general and administrative | (72.3) | (72.6) | (222.8) | (210.0) | ||||||||
Total Costs and Expenses | (719.7) | (695.4) | (2,127.7) | (2,038.2) | ||||||||
Operating Income | 242.3 | 132.1 | 403.8 | 267.5 | ||||||||
Interest income | 10.4 | 9.3 | 38.0 | 26.2 | ||||||||
Interest expense | (1.8) | (2.4) | (6.1) | (9.8) | ||||||||
Other income (expense), net | 1.9 | 1.2 | 5.5 | 4.8 | ||||||||
Income before Taxes | 252.8 | 140.2 | 441.2 | 288.7 | ||||||||
Income taxes | (53.7) | (20.3) | (92.8) | (54.0) | ||||||||
Net Income | $ | 199.1 | $ | 119.9 | $ | 348.4 | $ | 234.7 | ||||
Basic Earnings Per Share | $ | 5.98 | $ | 3.42 | $ | 10.28 | $ | 6.59 | ||||
Diluted Earnings Per Share | $ | 5.89 | $ | 3.40 | $ | 10.13 | $ | 6.56 | ||||
Weighted Average Number of Shares Outstanding: | ||||||||||||
Basic | 33.3 | 35.1 | 33.9 | 35.6 | ||||||||
Diluted | 33.8 | 35.3 | 34.4 | 35.8 |
MATSON, INC. AND SUBSIDIARIES | ||||||
September 30, | December 31, | |||||
(In millions) | 2024 | 2023 | ||||
ASSETS | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | 270.3 | $ | 134.0 | ||
Other current assets | 381.5 | 468.3 | ||||
Total current assets | 651.8 | 602.3 | ||||
Long-term Assets: | ||||||
Investment in SSAT | 93.3 | 85.5 | ||||
Property and equipment, net | 2,190.6 | 2,089.9 | ||||
Goodwill | 327.8 | 327.8 | ||||
Intangible assets, net | 164.0 | 176.4 | ||||
Capital Construction Fund | 635.4 | 599.4 | ||||
Other long-term assets | 379.3 | 413.3 | ||||
Total long-term assets | 3,790.4 | 3,692.3 | ||||
Total assets | $ | 4,442.2 | $ | 4,294.6 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current Liabilities: | ||||||
Current portion of debt | $ | 39.7 | $ | 39.7 | ||
Other current liabilities | 538.0 | 522.6 | ||||
Total current liabilities | 577.7 | 562.3 | ||||
Long-term Liabilities: | ||||||
Long-term debt, net of deferred loan fees | 360.2 | 389.3 | ||||
Deferred income taxes | 692.6 | 669.3 | ||||
Other long-term liabilities | 255.0 | 273.0 | ||||
Total long-term liabilities | 1,307.8 | 1,331.6 | ||||
Total shareholders' equity | 2,556.7 | 2,400.7 | ||||
Total liabilities and shareholders' equity | $ | 4,442.2 | $ | 4,294.6 |
MATSON, INC. AND SUBSIDIARIES | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2024 | 2023 | |||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 348.4 | $ | 234.7 | |||
Reconciling adjustments: | |||||||
Depreciation and amortization | 114.7 | 108.1 | |||||
Amortization of operating lease right of use assets | 102.1 | 108.2 | |||||
Deferred income taxes | 16.2 | (9.3) | |||||
Share-based compensation expense | 19.1 | 17.6 | |||||
(Income) loss from SSAT | (8.5) | 1.9 | |||||
Distributions from SSAT | 14.0 | — | |||||
Other | (9.1) | (1.7) | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable, net | (31.7) | (37.1) | |||||
Deferred dry-docking payments | (20.2) | (17.3) | |||||
Deferred dry-docking amortization | 21.0 | 18.6 | |||||
Prepaid expenses and other assets | 116.9 | 65.8 | |||||
Accounts payable, accruals and other liabilities | 27.6 | 34.4 | |||||
Operating lease liabilities | (104.0) | (109.9) | |||||
Other long-term liabilities | (13.4) | (14.9) | |||||
Net cash provided by operating activities | 593.1 | 399.1 | |||||
Cash Flows From Investing Activities: | |||||||
Capitalized vessel construction expenditures | (39.8) | (52.1) | |||||
Capital expenditures (excluding vessel construction expenditures) | (144.9) | (135.4) | |||||
Proceeds from disposal of property and equipment, net | 4.4 | 0.1 | |||||
Payments for asset acquisitions | (0.7) | (12.4) | |||||
Cash and interest deposited into the Capital Construction Fund | (63.6) | (120.8) | |||||
Withdrawals from Capital Construction Fund | 35.8 | 49.9 | |||||
Net cash used in investing activities | (208.8) | (270.7) | |||||
Cash Flows From Financing Activities: | |||||||
Repayments of debt | (30.0) | (67.2) | |||||
Dividends paid | (33.5) | (33.8) | |||||
Repurchase of Matson common stock | (167.4) | (108.2) | |||||
Tax withholding related to net share settlements of restricted stock units | (17.0) | (12.5) | |||||
Net cash used in financing activities | (247.9) | (221.7) | |||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 136.4 | (93.3) | |||||
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 | $ | 272.7 | $ | 160.4 | |||
Reconciliation of Cash, Cash Equivalents and Restricted Cash, End of the Period: | |||||||
Cash and Cash Equivalents | $ | 270.3 | $ | 156.5 | |||
Restricted Cash | 2.4 | 3.9 | |||||
Total Cash and Cash Equivalents, and Restricted Cash, End of the Period | $ | 272.7 | $ | 160.4 | |||
Supplemental Cash Flow Information: | |||||||
Interest paid, net of capitalized interest | $ | 5.3 | $ | 9.6 | |||
Income tax payments (refunds), net | $ | (85.1) | $ | (5.3) | |||
Non-cash Information: | |||||||
Capital expenditures included in accounts payable, accruals and other liabilities | $ | 26.9 | $ | 7.8 | |||
Non-cash payments for asset acquisitions | $ | — | $ | 4.1 |
MATSON, INC. AND SUBSIDIARIES | |||||||||||||
Three Months Ended | |||||||||||||
September 30, | Last Twelve | ||||||||||||
(In millions) | 2024 | 2023 | Change | Months | |||||||||
Net Income | $ | 199.1 | $ | 119.9 | $ | 79.2 | $ | 410.8 | |||||
Subtract: | Interest income | (10.4) | (9.3) | (1.1) | (47.8) | ||||||||
Add: | Interest expense | 1.8 | 2.4 | (0.6) | 8.5 | ||||||||
Add: | Income taxes | 53.7 | 20.3 | 33.4 | 114.7 | ||||||||
Add: | Depreciation and amortization | 37.9 | 35.6 | 2.3 | 149.2 | ||||||||
Add: | Dry-dock amortization | 7.3 | 6.2 | 1.1 | 27.7 | ||||||||
EBITDA (1) | $ | 289.4 | $ | 175.1 | $ | 114.3 | $ | 663.1 |
Nine Months Ended | |||||||||||||
September 30, | |||||||||||||
(In millions) | 2024 | 2023 | Change | ||||||||||
Net Income | $ | 348.4 | $ | 234.7 | $ | 113.7 | |||||||
Subtract: | Interest income | (38.0) | (26.2) | (11.8) | |||||||||
Add: | Interest expense | 6.1 | 9.8 | (3.7) | |||||||||
Add: | Income taxes | 92.8 | 54.0 | 38.8 | |||||||||
Add: | Depreciation and amortization | 113.4 | 106.4 | 7.0 | |||||||||
Add: | Dry-dock amortization | 21.0 | 18.6 | 2.4 | |||||||||
EBITDA (1) | $ | 543.7 | $ | 397.3 | $ | 146.4 |
______________________ | |
(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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