Matson announces preliminary Q1 22 numbers

PRESS RELEASE 

Apr 19, 2022, 17:24 ET

– Expects 1Q22 operating income for Ocean Transportation to be $410.0 to $415.0 million

– Expects 1Q22 operating income for Logistics to be $16.0 to $17.0 million

– Expects 1Q22 net income and diluted EPS to be $329.5 to $338.0 million and $8.00 to $8.20, respectively

– Year-over-year increase in consolidated operating income driven primarily by China service strength

– Repurchased approximately 0.7 million shares in 1Q22

– Announces first quarter earnings call date on May 3, 2022

HONOLULU, April 19, 2022 /PRNewswire/ — Matson, Inc. (“Matson” or the “Company”) (NYSE: MATX) today announces preliminary first quarter financial results, provides a business update and announces that its first quarter earnings call will be held on May 3, 2022.

“Matson is off to a solid start in 2022 with higher year-over-year operating income in both Ocean Transportation and Logistics,” said Chairman and Chief Executive Officer Matt Cox.  “Within Ocean Transportation, our China service continued to see significant demand for its expedited ocean services as volume for e-commerce, garments and other goods remained elevated.  The increase in consolidated operating income year-over-year was driven primarily by continued strength in the China service.  Currently in the Transpacific tradelane, we are seeing supply chain challenges in China, primarily due to actions to mitigate the spread of COVID-19, as well as continued supply chain constraints and congestion on the U.S. West Coast, elevated consumption trends, and inventory restocking.  Despite the near-term uncertainty presented by the supply chain challenges in China, we expect a combination of the current supply and demand factors to remain largely in place through at least the October peak season and continue to expect elevated demand for our China service for most of this year.”   

Mr. Cox added, “In our domestic ocean tradelanes, we continued to see steady demand with higher year-over-year volumes in Alaska and Guam, and demand in Hawaii comparable to the level achieved in the year ago period.  In Logistics, operating income increased year-over-year with strength across all of the business lines as as we continued to see elevated goods consumption, inventory restocking and favorable supply and demand fundamentals in our core markets.  As a result, Matson expects first quarter operating income for Ocean Transportation of $410.0 to $415.0 million and Logistics operating income of $16.0 to $17.0 million.  We also expect first quarter 2022 net income and diluted EPS to be $329.5 to $338.0 million and $8.00 to $8.20, respectively.”

The full press release can be found here.