Matson Announces Preliminary Q4 Results, Provides Business Update; Sees Q4 EPS $1.65-$1.78; Net Income $57.7M-$62.2M
Portfolio Pulse from Benzinga Newsdesk
Matson, Inc. (NYSE:MATX) released preliminary Q4 results, expecting operating income for Ocean Transportation to be $61.0-$66.0 million and for Logistics $8.0-$9.0 million. Q4 net income is projected to be $57.7-$62.2 million with EPS of $1.65-$1.78. The company repurchased 0.5 million shares in Q4 and will hold its earnings call on February 20, 2024. Matson saw a decrease in Hawaii and Alaska container volumes but an increase in China and Guam volumes. The effective income tax rate for Q4 is estimated at 26%, and the company had $134.0 million in cash and cash equivalents, excluding $599.4 million in the CCF, with total debt of $440.6 million.
January 18, 2024 | 9:12 pm
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Matson expects a strong Q4 with increased operating income and net income, alongside a significant share repurchase. Container volumes varied across regions, with notable increases in China and Guam.
The positive preliminary Q4 results and share repurchase program indicate strong performance and confidence from management, likely leading to a positive short-term impact on MATX's stock price. However, the mixed container volume results could temper some of the enthusiasm.
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