Tuesday, July 13, 2021

Matson Announces Prelim Q2 Results

Matson Inc.'s ocean transportation and logistics businesses performed well in the second quarter as the U.S. economy continues to recover from the impact of the COVID-19 pandemic, said the company’s Chairman and Chief Executive Officer Matt Cox.

Cox recently announced that the company anticipates its second quarter operating income for ocean transportation of $197 million to $202 million and its logistics operating income of $12 to $13 million, with a net income and diluted EPS of $156.9 to $163.6 million and $3.58 to $3.73, respectively.

The Honolulu-based firm released its results ahead of its July 29 second quarter earnings call.

“Within Ocean Transportation, our China service continued to see significant demand for its expedited CLX and CLX+ ocean services as volume for e-commerce, garments and other goods remained elevated, and was the primary driver of the increase in consolidated operating income year-over-year,” Cox said.

Supply chain congestion and heightened consumption trends continue in the Transpacific trade lane, which Matson predicts will continue and lead to high demand at least until Lunar New Year (Feb. 1) in 2022, he added.

“As a result of the exceptional level of demand for our expedited Transpacific services, we recently announced the initiation of our CCX service as a seasonal string with Matson-owned vessels from China to the U.S. West Coast with Oakland as the first call,” Cox remarked. “Consequently, we expect our vessels in the CLX, CLX+ and CCX to be operating at capacity at least until Lunar New Year next year.”