Matson preliminary Q3 EPS $6.67-$6.79; ocean operating income falls to $310-$315M

Matson, Inc.

2022-Q3 EPS reported $24.65 revenue$3,541,400,000

Ocean Transportation operating income $310-$315M vs $361.9M a year ago; Logistics $19-$20M.
Net income $257.3-$262.0M ($6.67-$6.79 diluted EPS) down from $283.2M in Q3 2021.
China service volume down 15.1% YoY; temporary CCX service ended early September due to lower demand.
Repurchased ~1.1M shares for $88.4M in Q3; prepaid ~$50.4M of long-term debt.
Contributed $565M to Capital Construction Fund for new vessel program estimated at $1B total.

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