Matson Q2 2021 Earnings Report
Key Takeaways
Matson, Inc. reported a significant increase in net income for Q2 2021, reaching $162.5 million compared to $32.8 million in Q2 2020. The increase was driven by strong performance in both Ocean Transportation and Logistics businesses, particularly the China service within Ocean Transportation. Consolidated revenue also increased to $874.9 million from $524.1 million in the same quarter last year.
2Q21 EPS reached $3.71, a substantial increase compared to $0.76 in 2Q20.
Net income for 2Q21 was $162.5 million, significantly higher than the $32.8 million reported in 2Q20.
EBITDA for 2Q21 was $254.3 million, compared to $86.2 million in 2Q20.
Year-over-year increase in consolidated operating income was primarily driven by the strength of the China service.
Matson
Matson
Matson Revenue by Segment
Forward Guidance
We expect these conditions to remain in place and lead to a high level of demand at least until Lunar New Year in the first quarter of 2022. As a result of the exceptional level of demand for our expedited Transpacific services, Matson 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. Consequently, we expect our vessels in the CLX, CLX+ and CCX services to be operating at capacity at least until Lunar New Year next year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income