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Montag, 30.10.2023 16:05 von PR Newswire | Aufrufe: 68

MATSON, INC. ANNOUNCES THIRD QUARTER 2023 RESULTS

Ein Arzt berät einen Patienten (Symbolbild). © TommL / Vetta / Getty Images https://www.gettyimages.de/

PR Newswire

HONOLULU, Oct. 30, 2023

3Q23 EPS of $3.40
3Q23 Net Income and EBITDA of $119.9 million and $175.1 million, respectively
Year-over-year decrease in 3Q23 consolidated operating income driven primarily by lower contribution from China service
Repurchased approximately 0.3 million shares in 3Q23

HONOLULU, Oct. 30, 2023 /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $119.9 million, or $3.40 per diluted share, for the quarter ended September 30, 2023. Net income for the quarter ended September 30, 2022 was $266.0 million, or $6.89 per diluted share. Consolidated revenue for the third quarter 2023 was $827.5 million compared with $1,114.8 million for the third quarter 2022.

"Matson's Ocean Transportation and Logistics business segments continued to perform well despite a challenging business environment and relatively difficult economic conditions impacting the U.S. consumer," said Chairman and Chief Executive Officer Matt Cox. "Within Ocean Transportation, our China service experienced solid freight demand despite the muted peak season in the Transpacific tradelane 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 continue to see a reduction of deployed capacity in light of lower volumes as a result of lower consumer demand for retail goods. Absent an economic 'hard landing' in the U.S., we expect trade dynamics in 2024 to be comparable to 2023 as consumer-related spending activity is expected to remain stable. Regardless of the economic backdrop, 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 general demand. 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 a lower contribution from transportation brokerage."

"Looking ahead, we expect Matson's consolidated operating income in the fourth quarter of 2023 to be higher than the level achieved in the first quarter of 2023," said Mr. Cox.

Third Quarter 2023 Discussion and Update on Business Conditions

Ocean Transportation: The Company's container volume in the Hawaii service in the third quarter 2023 was 1.9 percent lower year-over-year. The decrease was primarily due to lower general demand. In August, Maui experienced a significant economic disruption from devastating wildfires. According to UHERO's most recent economic report^¹, tourism to the island may not fully recover in the next several years, and the rebuilding of homes and businesses may take many years. In the near-term, Matson expects economic growth in Hawaii to moderate as tourism and visitor arrivals slowly rebound from the effects of the Maui wildfires.

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In China, the Company's container volume in the third quarter 2023 decreased 1.3 percent year-over-year. The decrease was primarily due to CCX volume in the third quarter 2022 (the CCX service was discontinued in the third quarter 2022) partially offset by higher volume in the CLX+ service. Matson continued to realize a significant rate premium over the Shanghai Containerized Freight Index ("SCFI") in the third quarter 2023 but achieved average freight rates that were lower than in the year ago period. Currently in the Transpacific marketplace, the Company continues to see a reduction of deployed capacity in light of lower volumes as a result of lower consumer demand for retail goods. Absent an economic 'hard landing' in the U.S., the Company expects trade dynamics in 2024 to be comparable to 2023 as consumer-related spending activity is expected to remain stable. Regardless of the economic backdrop, Matson 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 third quarter 2023 decreased 1.9 percent year-over-year primarily due to lower general demand. In the near-term, 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 third quarter 2023 decreased 9.1 percent year-over-year due to (i) lower export seafood volume from the Alaska-Asia Express service ("AAX"), (ii) lower northbound volume due to lower retail-related demand and (iii) lower southbound volume due to lower domestic seafood volume. In the near-term, 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 third quarter 2023 from the Company's SSAT joint venture investment was $1.3 million, or $22.1 million lower than the third quarter 2022. The decrease was primarily driven by lower demurrage revenue and lower lift volume.

Logistics: In the third quarter 2023, operating income for the Company's Logistics segment was $13.9 million, or $6.2 million lower compared to the level achieved in the third quarter 2022. The decrease was primarily due to a lower contribution from transportation brokerage.

Results By Segment
Ocean Transportation — Three months ended September 30, 2023 compared with 2022

	Three Months Ended September 30,
(Dollars in millions)	2023			2022			Change
Ocean Transportation revenue	$	669.4		$	918.5		$	(249.1)	(27.1)	%
Operating costs and expenses		(551.2)			(603.3)			52.1	(8.6)	%
Operating income	$	118.2		$	315.2		$	(197.0)	(62.5)	%
Operating income margin		17.7	%		34.3	%

Volume (Forty-foot equivalent units (FEU), except for automobiles) (1)
Hawaii containers		37,000			37,700			(700)	(1.9)	%
Hawaii automobiles		10,100			11,300			(1,200)	(10.6)	%
Alaska containers		21,900			24,100			(2,200)	(9.1)	%
China containers		39,000			39,500			(500)	(1.3)	%
Guam containers		5,300			5,400			(100)	(1.9)	%
Other containers (2)		4,300			6,000			(1,700)	(28.3)	%

_____________________
(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 $249.1 million, or 27.1 percent, during the three months ended September 30, 2023, compared with the three months ended September 30, 2022. The decrease was primarily due to lower average freight rates in China.

On a year-over-year FEU basis, Hawaii container volume decreased 1.9 percent primarily due to lower general demand; Alaska volume decreased 9.1 percent due to (i) lower export seafood volume from the AAX, (ii) lower northbound volume due to lower retail-related demand and (iii) lower southbound volume due to lower domestic seafood volume; China volume was 1.3 percent lower primarily due to CCX volume in 3Q22 (the CCX service was discontinued in 3Q22) partially offset by higher volume in the CLX+ service; Guam volume was 1.9 percent lower primarily due to lower general demand; and Other containers volume decreased 28.3 percent.

Ocean Transportation operating income decreased $197.0 million during the three months ended September 30, 2023, compared with the three months ended September 30, 2022. The decrease was primarily due to lower freight rates in China and a lower contribution from SSAT, partially offset by (i) higher volume in the CLX+ service and (ii) lower operating costs and expenses (including fuel-related expenses) primarily related to the discontinuation of the CCX service.

The Company's SSAT terminal joint venture investment contributed $1.3 million during the three months ended September 30, 2023, compared to a contribution of $23.4 million during the three months ended September 30, 2022. The decrease was primarily driven by lower demurrage revenue and lower lift volume.

Ocean Transportation — Nine months ended September 30, 2023 compared with 2022

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