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HONOLULU, Hawaii, Jan. 18, 2024 /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE:MATX) today announces preliminary fourth quarter financial results, provides a business update and announces that its fourth quarter earnings call will be held on February 20, 2024.
"Matson's Ocean Transportation and Logistics business segments performed well in the fourth quarter, capping off a solid year for both business segments" said Chairman and Chief Executive Officer Matt Cox. "Our China service experienced solid freight demand with higher year-over-year volume but lower year-over-year freight rates, which when combined with higher operating costs across all tradelanes resulted in a year-over-year decline in Ocean Transportation operating income. Currently in the Transpacific marketplace, we continue to see steady U.S. consumer demand, which we expect to lead to similar demand for Matson's CLX and CLX+ services in 2024 as in 2023. Absent a significant change in the trajectory of the U.S. economy, we expect trade dynamics across all our tradelanes in 2024 to be comparable to 2023 as consumer-related spending activity is expected to remain stable."
Mr. Cox added, "In our domestic ocean tradelanes, we saw lower year-over-year volumes in Hawaii and Alaska and higher year-over-year volume in Guam compared to the levels in the same period last year. The year-over-year volume declines in Hawaii and Alaska were primarily due to lower general demand and lower seafood volume, respectively. The year-over-year volume increase in Guam was primarily driven by higher general demand. In Logistics, operating income decreased year-over-year primarily due to a lower contribution from transportation brokerage. As a result, Matson expects fourth quarter operating income for Ocean Transportation of $61.0 to $66.0 million and Logistics operating income of $8.0 to $9.0 million. We also expect fourth quarter 2023 net income and diluted EPS to be $57.7 to $62.2 million and $1.65 to $1.78, respectively."
Fourth Quarter Tradelane Volume (Forty-foot equivalent units (FEU)) (1)(2):
For the three months ended December 31, 2023 compared to the three months ended December 31, 2022 and on a FEU basis:
Effective Income Tax Rate, Liquidity, Debt and Share Repurchases
The effective income tax rate for the fourth quarter of 2023 is estimated to be approximately 26.0 percent, which is higher than the approximately 23 percent previously forecast primarily due to discrete tax adjustments.
Matson's cash and cash equivalents as of December 31, 2023 was approximately $134.0 million, which excludes $599.4 million in cash on deposit within the Capital Construction Fund ("CCF"). Total debt as of December 31, 2023 was $440.6 million.(3)
During the fourth quarter of 2023, Matson repurchased approximately 0.5 million shares for a total cost of $47.9 million. As of December 31, 2023, the Company had approximately 2.5 million shares remaining in its share repurchase program.
A slide presentation that accompanies this press release is available on the Company's website at www.matson.com, under Investors.
Posted In: MATX
