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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) 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.
Matson, Inc. (NYSE: MATX) reported a strong 2Q22, achieving a net income of $380.7 million, or $9.49 per diluted share, significantly up from $162.5 million in 2Q21. Consolidated revenue surged to $1,261.1 million, a 44% year-over-year increase, driven by robust demand in its China service. The company repurchased approximately 1.6 million shares for $138.1 million, enhancing shareholder value. Despite a decline in Transpacific freight rates, Matson expects solid demand to continue through the October peak season. However, economic uncertainties persist in key markets due to inflation and rising interest rates.
Matson, Inc. (MATX) reported strong preliminary second quarter 2022 results, expecting Ocean Transportation operating income of $465.0 to $470.0 million and Logistics operating income of $22.5 to $23.5 million. The net income and diluted EPS are projected to be between $373.3 to $377.9 million and $9.31 to $9.42, respectively. The year-over-year increase in operating income was driven by robust demand for the China service, despite a recent decline in freight rates. Share repurchases totaled approximately 1.6 million shares worth $138.1 million.
Matson, Inc. (NYSE: MATX) announced a $0.31 per share dividend for Q3 2022, representing a 3.3% increase over the previous quarter. This marks the tenth consecutive annual dividend increase, reflecting the Board's confidence in long-term free cash flow growth. The dividend will be payable on September 1, 2022 to shareholders on record by August 4, 2022. CEO Matt Cox emphasized a disciplined capital allocation approach, prioritizing dividends, maintaining operations, and funding growth opportunities while sustaining an investment-grade balance sheet.
Matson, Inc. (NYSE: MATX) reported a robust net income of $339.2 million, or $8.23 per diluted share, for 1Q22, significantly up from $87.2 million in 1Q21. Revenue soared to $1,165.5 million, a 68.4% increase year-over-year. Strength in the company’s China service contributed to operating income growth in both Ocean Transportation and Logistics segments. Despite ongoing supply chain challenges due to COVID-19 impacts, demand is expected to remain strong through peak season. Matson repurchased 0.7 million shares during the quarter and announced a $0.30 dividend payable on June 2, 2022.
The Board of Directors of Matson, a leading U.S. ocean carrier, has declared a $0.30 per common share dividend for the second quarter of 2022. This dividend will be payable on June 2, 2022, to shareholders who are on record by the close of business on May 12, 2022. Matson has been providing essential transportation and logistics services since 1882, connecting the U.S. mainland with Hawaii, Alaska, Guam, and beyond.
Matson, Inc. (NYSE: MATX) announced preliminary results for the first quarter of 2022, projecting operating income of $410.0 to $415.0 million for Ocean Transportation and $16.0 to $17.0 million for Logistics. Estimated net income ranges from $329.5 to $338.0 million, with diluted EPS expected between $8.00 and $8.20. The company reported strong demand from its China service, contributing to year-over-year growth in operating income despite ongoing supply chain challenges. Matson plans to hold an earnings call on May 3, 2022.
Matson, Inc. (NYSE: MATX) reported a robust net income of $394.5 million ($9.39 per diluted share) for Q4 2021, compared to $85.6 million ($1.96 per diluted share) in Q4 2020. Consolidated revenue surged to $1,267.0 million from $700.1 million year-over-year. For 2021, net income totaled $927.4 million ($21.47 per diluted share), with revenue reaching $3,925.3 million, up from $2,383.3 million in 2020. The growth was driven by strong demand in Ocean Transportation, particularly from China, and in domestic tradelanes, supported by rebounding tourism in Hawaii and Alaska.
Matson, Inc. (NYSE: MATX) will attend the Stifel Transportation and Logistics Conference virtually on February 8, 2022. Chairman and CEO Matt Cox, along with CFO Joel Wine, will represent the company. Presentation slides will be available on Matson's website on the same day under the Investors section. Matson is a crucial provider of ocean transportation and logistics services, connecting Hawaii, Alaska, Guam, and other island economies. The company operates a diverse fleet and offers logistics services across North America.
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