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Dienstag, 30.04.2024 16:05 von PR Newswire | Aufrufe: 110

MATSON, INC. ANNOUNCES FIRST QUARTER 2024 RESULTS

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PR Newswire

HONOLULU, April 30, 2024

1Q24 EPS of $1.04 versus $0.94 in 1Q23
1Q24 Net Income of $36.1 million versus $34.0 million in 1Q23
1Q24 Consolidated Operating Income of $36.9 million versus $38.7 million in 1Q23
1Q24 EBITDA of $82.8 million versus $81.7 million in 1Q23
Repurchased approximately 0.4 million shares in 1Q24
Raising outlook for Full Year 2024 Consolidated Operating Income

HONOLULU, April 30, 2024 /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $36.1 million, or $1.04 per diluted share, for the quarter ended March 31, 2024. Net income for the quarter ended March 31, 2023 was $34.0 million, or $0.94 per diluted share. Consolidated revenue for the first quarter 2024 was $722.1 million compared with $704.8 million for the first quarter 2023.

Matt Cox, Matson's Chairman and Chief Executive Officer, commented, "We are off to a solid start for the year with Ocean Transportation performing better than expected and Logistics meeting expectations in the first quarter. Within Ocean Transportation, our China service experienced healthy demand coming out of a more traditional post-Lunar New Year period with a gradual recovery of volume after factories reopened and workers returned compared to a more accelerated increase in volume experienced post-Lunar New Year last year. In our domestic ocean tradelanes, we achieved a comparable level of demand in Guam as compared to 2023, and we saw modestly lower year-over-year volumes in Hawaii and Alaska primarily due to lower general demand and an additional northbound sailing in the year ago period, respectively. Logistics operating income in the first quarter declined year-over-year due to continued market softness in transportation brokerage."

Mr. Cox added, "Currently in the Transpacific marketplace, we continue to see steady U.S. consumer demand, which we expect to lead to improving demand for Matson's CLX and MAX services in 2024 as compared to 2023. Absent a significant change in the trajectory of the U.S. economy, we expect trade demand dynamics across most of our domestic tradelanes in 2024 to be comparable to 2023 as consumer-related spending is expected to remain largely stable. For Ocean Transportation in 2024, we expect operating income to be higher than the prior year's result and higher than the previous outlook. For Logistics in 2024, we continue to expect challenging business conditions for transportation brokerage and expect lower year-over-year operating income. As such, we now expect full year consolidated operating income to be modestly higher than the level achieved in 2023."

First Quarter 2024 Discussion and Outlook for 2024

Ocean Transportation: The Company's container volume in the Hawaii service in the first quarter 2024 was 1.7 percent lower year-over-year. The decrease was primarily due to lower general demand. According to UHERO's most recent forecast report¹, the Hawaii economy is projected to grow modestly supported by low unemployment and an increase in construction activity and jobs for large federal and state projects as well as home building on Oahu. Visitor arrivals are projected to increase modestly as the tourism industry continues to recover from the Maui wildfires last year in addition to the continued gradual return of international visitors. The Company expects volume in 2024 to approach the level achieved in 2023, reflecting modest economic growth in Hawaii and stable market share.

In China, the Company's container volume in the first quarter 2024 decreased 4.0 percent year-over-year. The decrease was primarily due to a more traditional post-Lunar New Year period with a gradual recovery of volume after factories reopened and workers returned compared to a more accelerated increase in volume experienced post-Lunar New Year last year. The Company achieved higher freight rates in the first quarter 2024 as compared to the year ago period. Currently in the Transpacific marketplace, the Company continues to see steady U.S. consumer demand, which it expects to lead to improving demand for its CLX and MAX services in 2024 as compared to 2023. The Company also expects average freight rates in 2024 to be higher than the levels achieved in 2023.

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In Guam, the Company's container volume in the first quarter 2024 was flat year-over-year. In the near-term, the Company expects continued improvement in the Guam economy with a low unemployment rate and a modest increase in tourism. For 2024, the Company expects volume to approximate the level achieved last year.

In Alaska, the Company's container volume for the first quarter 2024 decreased 5.1 percent year-over-year primarily due to one less northbound sailing. In the near-term, the Company expects continued economic growth in Alaska supported by a low unemployment rate, jobs growth and lower levels of inflation. For 2024, the Company expects volume to approximate the level achieved last year.

The contribution in the first quarter 2024 from the Company's SSAT joint venture investment was $0.4 million, or $2.2 million higher than the first quarter 2023. The increase was primarily due to higher lift volume. For 2024, the Company expects the contribution from SSAT to be higher than the levels achieved in 2023 due to an expected increase in lift volumes.

As a result of first quarter performance and the outlook trends noted above, the Company expects full year 2024 Ocean Transportation operating income to be higher than the $294.8 million achieved in 2023 and higher than the previous outlook. In the second quarter 2024, the Company expects Ocean Transportation operating income to be moderately higher than the level achieved in the second quarter 2023.

Logistics: In the first quarter 2024, operating income for the Company's Logistics segment was $9.3 million, or $1.6 million lower compared to the level achieved in the first quarter 2023. The decrease was primarily due to continued market softness in transportation brokerage. For 2024, the Company expects challenging business conditions for transportation brokerage and expects operating income to be lower than the $48.0 million achieved in 2023. In the second quarter 2024, the Company expects operating income to be lower than the level achieved in the second quarter 2023.

Consolidated Operating Income: For full year 2024, the Company expects consolidated operating income to be modestly higher than the $342.8 million achieved in 2023 and expects comparable seasonality to the prior year. For the second quarter 2024, the Company expects consolidated operating income to be modestly higher than the $96.7 million achieved in the second quarter 2023.

Depreciation and Amortization: For the full year 2024, the Company expects depreciation and amortization expense to be approximately $180 million, inclusive of dry-docking amortization of approximately $27 million.

Interest Income: The Company expects interest income for the full year 2024 to be approximately $45 million. The increase in expected interest income from the prior outlook is due to the receipt on April 19, 2024 of $10.2 million in interest income earned on the federal tax refund related to the Company's 2021 federal tax return.

Interest Expense: The Company expects interest expense for the full year 2024 to be approximately $8 million.

Other Income (Expense): The Company expects full year 2024 other income (expense) to be approximately $7 million in income, which is attributable to the amortization of certain components of net periodic benefit costs or gains related to the Company's pension and post-retirement plans.

Income Taxes: In the first quarter 2024, the Company's effective tax rate was 20.3 percent. For the full year 2024, the Company expects its effective tax rate to be approximately 22.0 percent.

Capital and Vessel Dry-docking Expenditures: For the first quarter 2024, the Company made capital expenditure payments excluding vessel construction expenditures of $54.2 million, capitalized vessel construction expenditures of $1.1 million, and dry-docking payments of $5.2 million. For the full year 2024, the Company expects to make other capital expenditure payments, including maintenance capital expenditures, of approximately $110 to $120 million, new vessel construction expenditures (including capitalized interest and owner's items) of approximately $75 million, LNG installations and reengining on existing vessels of approximately $70 to $80 million, and dry-docking payments of approximately $35 million.

Results By Segment Ocean Transportation — Three months ended March 31, 2024 compared with 2023
	Three Months Ended March 31,
(Dollars in millions)	2024			2023			Change
Ocean Transportation revenue	$	579.0		$	551.0		$	28.0	5.1	%
Operating costs and expenses		(551.4)			(523.2)			(28.2)	5.4	%
Operating income	$	27.6		$	27.8		$	(0.2)	(0.7)	%
Operating income margin		4.8	%		5.0	%

Volume (Forty-foot equivalent units (FEU), except for automobiles) (1)
Hawaii containers		34,600			35,200			(600)	(1.7)	%
Hawaii automobiles		6,400			9,400			(3,000)	(31.9)	%
Alaska containers		18,800			19,800			(1,000)	(5.1)	%
China containers		28,900			30,100			(1,200)	(4.0)	%
Guam containers		4,900			4,900			—	—	%
Other containers (2)		3,600			4,100			(500)	(12.2)	%

(1)

Approximate volumes included for the period are based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period.

(2)

Includes containers from services in various islands in Micronesia and the South Pacific, and Okinawa, Japan.

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