PR: Matson – preliminary Q4 '20 results

PRESS RELEASE  

– Expects 4Q20 operating income for Ocean Transportation to be $100.0 to $105.0 million vs. $17.8 million in 4Q19

– Expects 4Q20 operating income for Logistics to be $8.0 to $9.0 million vs. $7.6 million in 4Q19

– Expects 4Q20 net income and diluted EPS to be $76.1 to $81.6 million and $1.74 to $1.87, respectively

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

– Leverage ratio per debt agreements at quarter end of approximately 1.8x

– Announces fourth quarter earnings call date on February 23, 2021

HONOLULU, Jan. 11, 2021 /PRNewswire/ — Matson, Inc. (NYSE: MATX) today announces preliminary fourth quarter financial results, provides a business update and announces that its fourth quarter earnings call date will be held on February 23, 2021.

“Matson capped off a strong year with continued solid performance in the fourth quarter from Ocean Transportation and Logistics despite the ongoing challenges from the COVID-19 pandemic and related economic effects,” said Chairman and Chief Executive Officer Matt Cox. “Within Ocean Transportation, our China service saw significant demand for its CLX and CLX+ expedited ocean services through year end and was the primary driver of the increase in consolidated operating income year-over-year. We continued to see favorable supply and demand dynamics in the transpacific tradelane during the quarter, and we continue to expect largely all of these trends to remain favorable in the first half of 2021 as the pandemic persists. As the pandemic subsides with widespread vaccination, we expect some of the supply and demand factors that we are currently benefitting from to remain and continue to drive demand for our CLX and CLX+ services.”

To read the full release, please click here.

Now read our previous coverage: “A round of applause for Matson, please“.

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