Matson Q1 net income $34M ($0.94 EPS) down 90% YoY; China service drives decline

Matson, Inc.

2023-Q1 EPS reported $0.94 revenue$704,800,000

Revenue $704.8M, down 39.5% YoY from $1,165.5M; EPS $0.94 vs $8.23 a year ago.
Ocean Transp. operating income $27.8M vs $416.2M; China container volume fell 35.4%.
SSAT terminal JV contribution swung to -$1.8M from +$34.0M YoY.
Repurchased 0.7M shares for $42.1M; board added 3M shares to buyback program.
Declared $0.31/sh dividend payable June 1; expects Q2 op income above Q1 but China below normalized.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Matson, Inc. reported the quarter ended March 31, 2023 results: revenue $704.8 million, net income $34.0 million, or $0.94 per diluted share, EPS $0.94 per diluted share.

Period: the quarter ended March 31, 2023
Revenue: $704.8 million
Net income: $34.0 million, or $0.94 per diluted share
EPS: $0.94 per diluted share
Result: reported results

Exact text from the filing

Matson, Inc. (“Matson” or the “Company”) (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $34.0 million, or $0.94 per diluted share, for the quarter ended March 31, 2023. Net income for the quarter ended March 31, 2022 was $339.2 million, or $8.23 per diluted share. Consolidated revenue for the first quarter 2023 was $704.8 million compared with $1,165.5 million for the first quarter 2022.

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Source: SEC EDGAR

accession 0001558370-23-008105

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