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Dienstag, 01.08.2023 16:05 von PR Newswire | Aufrufe: 111

MATSON, INC. ANNOUNCES SECOND QUARTER 2023 RESULTS

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PR Newswire

HONOLULU, Aug. 1, 2023

2Q23 EPS of $2.26
2Q23 Net Income and EBITDA of $80.8 million and $140.5 million, respectively
Year-over-year decrease in 2Q23 consolidated operating income driven primarily by lower contribution from China service
Repurchased approximately 0.6 million shares in 2Q23

HONOLULU, Aug. 1, 2023 /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $80.8 million, or $2.26 per diluted share, for the quarter ended June 30, 2023. Net income for the quarter ended June 30, 2022 was $380.7 million, or $9.49 per diluted share. Consolidated revenue for the second quarter 2023 was $773.4 million compared with $1,261.1 million for the second quarter 2022.

"Matson's Ocean Transportation and Logistics business segments performed well despite a challenging business environment and sluggish economic growth," said Chairman and Chief Executive Officer Matt Cox. "Within Ocean Transportation, our China service saw higher sequential quarterly freight demand but generated lower year-over-year volume and freight rates, which were the primary contributors to the year-over-year decline in our consolidated operating income. Currently in the Transpacific marketplace, we are seeing modest reductions in deployed capacity and retail inventories are in a relatively better position than earlier in the year, but retailers continue to carefully manage inventory levels in the face of lower consumer demand. We further expect the tradelane to experience a muted peak season, but for Matson, we expect our China service to be near full during the traditional peak season. Absent an economic 'hard landing' in the U.S., we continue to expect trade dynamics to gradually improve for the remainder of the year as the Transpacific marketplace transitions to a more normalized level of consumer demand and retail inventory stocking levels. Regardless of the economic environment, we expect to continue to earn a significant rate premium to the Shanghai Containerized Freight Index reflecting our fast and reliable ocean services and unmatched destination services."

Mr. Cox added, "In our domestic ocean tradelanes, we saw lower year-over-year volumes in Hawaii, Alaska and Guam compared to the year ago period. The year-over-year decline in Hawaii volume was primarily due to lower retail-related volume. The year-over-year volume declines in Guam and Alaska were primarily driven by lower general demand and lower seafood volume, respectively. In Logistics, operating income decreased year-over-year primarily due to lower contributions from transportation brokerage and supply chain management."

"We expect Matson's consolidated operating income in the third quarter of 2023 to be higher than the level achieved in the second quarter. We also expect the fourth quarter consolidated operating income to approach the level achieved in the first quarter of 2023," said Mr. Cox.

Second Quarter 2023 Discussion and Update on Business Conditions

Ocean Transportation: The Company's container volume in the Hawaii service in the second quarter 2023 was 7.1 percent lower year-over-year. The decrease was primarily due to lower retail-related volume. During the quarter, the Company saw retail customers continue to manage inventories to weaker consumer demand levels despite continued economic growth in Hawaii supported by a low unemployment rate and relatively strong visitor arrivals. In the second half of 2023, Matson expects continued improvement in the Hawaii economy supported by continued growth in visitor arrivals and a low unemployment rate.

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In China, the Company's container volume in the second quarter 2023 decreased 24.6 percent year-over-year. The decrease was primarily due to (i) CCX volume in the second quarter 2022 (CCX service was discontinued in the third quarter 2022), (ii) lower capacity in the CLX service due to the dry-docking of Daniel K. Inouye and (iii) one less CLX+ sailing. Matson continued to realize a significant rate premium over the Shanghai Containerized Freight Index ("SCFI") in the second quarter 2023 but achieved average freight rates that were lower than in the year ago period. Currently in the Transpacific marketplace, the Company is seeing modest reductions in deployed capacity and retail inventories are in a relatively better position than earlier in the year, but retailers continue to carefully manage inventory levels in the face of lower consumer demand. The Company further expects the tradelane to experience a muted peak season, but for Matson, the Company expects its China service to be near full during the traditional peak season. Absent an economic "hard landing" in the U.S., the Company continues to expect trade dynamics to gradually improve for the remainder of the year as the Transpacific marketplace transitions to a more normalized level of consumer demand and retail inventory stocking levels. Regardless of the economic environment, the Company expects to continue to earn a significant rate premium to the SCFI reflecting its fast and reliable ocean services and unmatched destination services.

In Guam, the Company's container volume in the second quarter 2023 decreased 7.5 percent year-over-year primarily due to lower general demand. In the second half of 2023, the Company expects continued improvement in the Guam economy with a low unemployment rate and a modest increase in tourism from low levels.

In Alaska, the Company's container volume for the second quarter 2023 decreased 7.2 percent year-over-year due to (i) lower export seafood volume from the Alaska-Asia Express service ("AAX"), (ii) lower northbound volume due to one less sailing and (iii) lower southbound volume primarily due to lower household goods and domestic seafood volume. In the second half of 2023, the Company expects the Alaska economy to continue to benefit from low unemployment and increased energy-related exploration and production activity as a result of elevated oil prices.

The contribution in the second quarter 2023 from the Company's SSAT joint venture investment was $(1.4) million, or $26.1 million lower than the second quarter 2022. The decrease was primarily driven by lower demurrage revenue and lower lift volume.

Logistics: In the second quarter 2023, operating income for the Company's Logistics segment was $14.3 million, or $8.8 million lower compared to the level achieved in the second quarter 2022. The decrease was primarily due to lower contributions from transportation brokerage and supply chain management.

Results By Segment

Ocean Transportation — Three months ended June 30, 2023 compared with 2022


	Three Months Ended June 30,
(Dollars in millions)	2023			2022			Change
Ocean Transportation revenue	$	616.9		$	1,049.2		$	(432.3)	(41.2)	%
Operating costs and expenses		(534.5)			(579.2)			44.7	(7.7)	%
Operating income	$	82.4		$	470.0		$	(387.6)	(82.5)	%
Operating income margin		13.4	%		44.8	%

Volume (Forty-foot equivalent units (FEU), except for automobiles) (1)
Hawaii containers		36,400			39,200			(2,800)	(7.1)	%
Hawaii automobiles		9,800			10,600			(800)	(7.5)	%
Alaska containers		20,500			22,100			(1,600)	(7.2)	%
China containers		36,700			48,700			(12,000)	(24.6)	%
Guam containers		4,900			5,300			(400)	(7.5)	%
Other containers (2)		4,400			6,200			(1,800)	(29.0)	%

____________

(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.

Ocean Transportation revenue decreased $432.3 million, or 41.2 percent, during the three months ended June 30, 2023, compared with the three months ended June 30, 2022. The decrease was primarily due to lower average freight rates and volume in China.

On a year-over-year FEU basis, Hawaii container volume decreased 7.1 percent primarily due to lower retail-related volume; Alaska volume decreased 7.2 percent due to (i) lower export seafood volume from the AAX, (ii) lower northbound volume due to one less sailing and (iii) lower southbound volume primarily due to lower household goods and domestic seafood volume; China volume was 24.6 percent lower primarily due to (a) CCX volume in the second quarter 2022 (CCX service was discontinued in the third quarter 2022), (b) lower capacity in the CLX service due to the dry-docking of Daniel K. Inouye and (c) one less CLX+ sailing; Guam volume was 7.5 percent lower primarily due to lower general demand; and Other containers volume decreased 29.0 percent.

Ocean Transportation operating income decreased $387.6 million during the three months ended June 30, 2023, compared with the three months ended June 30, 2022. The decrease was primarily due to lower freight rates and volume in China and a lower contribution from SSAT, partially offset by (i) lower operating costs and expenses (including fuel-related expenses) primarily related to the discontinuation of the CCX service and (ii) lower fuel costs and the timing of fuel-related surcharge collections.

The Company's SSAT terminal joint venture investment contributed $(1.4) million during the three months ended June 30, 2023, compared to a contribution of $24.7 million during the three months ended June 30, 2022. The decrease was primarily driven by lower demurrage revenue and lower lift volume.

Ocean Transportation — Six months ended June 30, 2023 compared with 2022

Six Months Ended June 30,

(Dollars in millions)

2023

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