Matson Q3 2022 Earnings Report
Key Takeaways
Matson reported a net income of $266.0 million, or $6.89 per diluted share, for the quarter ended September 30, 2022. Consolidated revenue for the third quarter 2022 was $1,114.8 million. The company saw lower demand for expedited ocean services in the Transpacific tradelane, but continued strength in Alaska.
3Q22 EPS of $6.89
3Q22 Net Income and EBITDA of $266.0 million and $377.4 million, respectively
Year-over-year decrease in consolidated operating income driven primarily by lower volume in China service
Repurchased approximately 1.1 million shares in 3Q22
Matson
Matson
Matson Revenue by Segment
Forward Guidance
Currently, the Company expects the next two quarters to be challenging in the Transpacific tradelane as retailers’ inventories adjust to current consumer demand levels and as ocean liners reduce vessel capacity to meet lower demand levels. To this end, for the remainder of this year and into the first quarter of 2023, the Company expects to experience lower year-over-year freight demand and a lower rate environment for its CLX and CLX+ services, but Matson expects to continue to earn a significant rate premium to the SCFI due to its differentiated, reliable and fast ocean services.
Revenue & Expenses
Visualization of income flow from segment revenue to net income