Fri, Aug 2, 10:18 AM (88 days ago)
Matson, Inc. reported a strong financial performance for the quarter ended June 30, 2024. Operating revenue increased to $847.4 million, a 9.6% rise from the previous year's $773.4 million. This growth was driven by higher freight rates and increased volumes in key segments. Operating income saw a notable increase of 28.9%, reaching $124.6 million, up from $96.7 million in the same quarter of 2023. Net income was $113.2 million, a significant 40.1% increase from $80.8 million in the prior year, reflecting a robust profit margin improvement. The Ocean Transportation segment experienced an 11.8% revenue growth, primarily due to higher freight rates in China and increased volume in Alaska. The Logistics segment also showed a slight revenue increase of 0.6%, with operating income rising by 9.1% due to stronger supply chain management. Cash flow from operating activities was strong at $344.5 million, and the company maintained a solid liquidity position with $168.2 million in cash and cash equivalents. Matson also repurchased $121.1 million worth of shares during the first half of 2024. Looking forward, Matson expects continued strong performance in the third and fourth quarters, driven by high freight rates and stable demand in its key markets. The company plans significant capital expenditures, including investments in new vessels and LNG installations.