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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.
The Board of Directors of Matson (NYSE: MATX) has declared a quarterly dividend of $0.30 per share, payable on March 3, 2022, to shareholders of record as of February 10, 2022. Additionally, they approved an increase of 3 million shares to the existing share repurchase program, which now totals 6 million shares. The buyback will commence following the fourth quarter 2021 financial results announcement around February 17, 2022. The program aims to return excess cash to shareholders, enhancing long-term shareholder value.
Matson, Inc. (NYSE: MATX) reports preliminary fourth quarter results with expectations of strong performance driven by heightened demand in Ocean Transportation and Logistics. Chairman Matt Cox highlighted a year-over-year increase in consolidated operating income, largely due to robust China service demand. For Q4 2021, operating income for Ocean Transportation is projected between $445.0 and $455.0 million, with net income and EPS estimated at $365.2 to $382.4 million and $8.70 to $9.10, respectively. The company also repurchased 1.0 million shares, costing $84.5 million.
Matson, Inc. (NYSE: MATX) announced that Joel Wine, CFO, will present at the Stephens Investment Conference in Nashville, Tennessee on December 1, 2021. The company will also provide access to presentation slides on its website the same day. Established in 1882, Matson is a leading provider of ocean transportation and logistics, serving states like Hawaii and Alaska, as well as international routes including China to Long Beach, California. More details are available at www.matson.com.
Matson, Inc. (NYSE: MATX) reported a significant increase in net income, reaching $283.2 million ($6.53 per diluted share) for Q3 2021, compared to $70.9 million ($1.63 per diluted share) in Q3 2020. Revenue surged to $1,071.6 million from $645.2 million year-over-year. Key drivers included strong demand in the China and Hawaii markets, particularly in ocean transportation. Despite challenges like supply chain congestion, the company anticipates continued high demand through mid-2022. Matson's logistics segment also experienced growth, with operating income up 34.5% year-over-year.
The Board of Directors of Matson, Inc. (NYSE: MATX) declared a fourth-quarter dividend of $0.30 per common share, set to be paid on December 2, 2021. Shareholders of record by the close of business on November 11, 2021 will receive this dividend. This decision reflects Matson's ongoing commitment to returning value to its shareholders amid its operations in crucial markets including Hawaii, Alaska, and Guam.
Matson, Inc. (NYSE: MATX) reported preliminary third quarter results, highlighting continued strong performance in Ocean Transportation and Logistics as economic trends from Q2 persisted. The company expects Ocean Transportation operating income between $358.0 to $363.0 million and Logistics operating income of $15.0 to $16.0 million. Net income is projected to be $277.3 to $285.5 million, with diluted EPS ranging from $6.39 to $6.58. Matson's volume increased significantly across services, particularly in China, Hawaii, and Alaska, driven by elevated demand and consumption.
Matson, Inc. (NYSE: MATX) reported a robust second quarter 2021 with net income of $162.5 million, or $3.71 per diluted share, compared to $32.8 million, or $0.76 per share in Q2 2020. Consolidated revenue surged to $874.9 million from $524.1 million year-over-year, driven by strong demand in Ocean Transportation, particularly from its China and Hawaii services. Container volumes grew significantly, including a 59.1% increase in China. Operating income also soared, reaching $201 million, reflecting higher contributions from logistics and transportation amid a recovering U.S. economy.
Matson, Inc. (NYSE: MATX) announced preliminary financial results for the second quarter of 2021, highlighting strong performance in Ocean Transportation and Logistics. Ocean Transportation operating income is projected between $197 million and $202 million, while Logistics operating income is expected to be between $12 million and $13 million. Net income is estimated at $156.9 million to $163.6 million, with diluted EPS ranging from $3.58 to $3.73. The company has also initiated a seasonal CCX service due to high demand in the Transpacific tradelane. A conference call is scheduled for July 29, 2021.
Matson, Inc. (NYSE: MATX) announced a 30.4% increase in its quarterly dividend to $0.30 per share, to be paid on September 2, 2021. This increase over the previous dividend reflects the Board's confidence in long-term free cash flow growth. Additionally, a new share repurchase program was approved, allowing the company to buy back up to 3 million shares, representing about 7% of outstanding shares, equating to approximately $190 million. The initiatives demonstrate Matson's commitment to returning capital to shareholders.
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