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Dec 31, 2023
Matson Q4 2023 Earnings Report
Matson's Q4 2023 earnings decreased compared to the previous year due to lower freight rates in China and higher operating costs, partially offset by higher volumes in China.
Key Takeaways
Matson, Inc. reported a net income of $62.4 million, or $1.78 per diluted share, for the quarter ended December 31, 2023. Consolidated revenue for the fourth quarter 2023 was $788.9 million. The Ocean Transportation and Logistics business segments performed well. The company expects consolidated operating income for 2024 to approximate the level achieved last year.
4Q23 EPS was $1.78.
Full Year 2023 EPS was $8.32.
Full Year 2023 Net Income was $297.1 million.
Full Year 2023 EBITDA was $516.7 million.
Revenue by Segment
Forward Guidance
The Company expects consolidated operating income to approximate the $342.8 million achieved in 2023 and expects comparable seasonality to the prior year.
Positive Outlook
- U.S. consumer demand is expected to lead to similar demand for Matson’s CLX and CLX+ services in 2024 as in 2023.
- Trade dynamics across all tradelanes in 2024 to be comparable to 2023 as consumer-related spending activity is expected to remain stable.
- Full year 2024 Ocean Transportation operating income to be higher than the $294.8 million achieved in 2023.
- Contribution from SSAT to be higher than the levels achieved in 2023 due to an expected increase in lift volumes.
Challenges Ahead
- Challenging business conditions for transportation brokerage at least through the first half of the year.
- Logistics operating income being lower in 2024 than the level achieved in 2023.
- Consolidated operating income to approximate the $342.8 million achieved in 2023
- Ocean Transportation operating income to be lower than the $27.8 million achieved in the first quarter 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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