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1 month ago
MATSON, INC. ANNOUNCES FIRST QUARTER 2026 RESULTSMay 4, 2026 4:05 PM
PR Newswire (US) 1Q26 EPS of $1.85 versus $2.18 in 1Q251Q26 Net Income of $56.6 million versus $72.3 million in 1Q251Q26 Consolidated Operating Income of $61.4 million versus $82.1 million in 1Q251Q26 EBITDA of $113.3 million versus $131.7 million in 1Q25Repurchased approximately 0.4 million shares in 1Q26Raises full year outlookHONOLULU, May 4, 2026 /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $56.6 million, or $1.85 per diluted share, for the quarter ended March 31, 2026. Net income for the quarter ended March 31, 2025 was $72.3 million, or $2.18 per diluted share. Consolidated revenue for the first quarter 2026 was $757.8 million compared with $782.0 million for the first quarter 2025. Matt Cox, Matson's Chairman and Chief Executive Officer, commented, "In the first quarter 2026, Ocean Transportation operating income exceeded our expectations primarily due to higher freight demand post-Lunar New Year in our China service. In our domestic tradelanes, we saw lower year-over-year volume in Hawaii and Alaska. In Logistics, operating income in the first quarter was lower year-over-year, primarily due to a lower contribution from supply chain management."Mr. Cox added, "To date, the Iran conflict has not impacted our operating performance or service levels; however, it has impacted fuel prices in all our markets. While we have effective mechanisms to recover the cost of fuel by the end of the year, for the second quarter we expect a negative impact from the lag in the recovery of fuel costs. On the demand side, the uptick in freight demand we saw in our China service post-Lunar New Year has continued to build in the second quarter as demand strengthens and volume returns to a more traditional seasonal pattern. We also expect this demand strength to continue through peak season. As a result, we expect Ocean Transportation operating income in the second quarter 2026 to be approximately $20 million higher than the $98.6 million achieved in the second quarter last year. For Logistics, we expect operating income in the second quarter 2026 to approach the level achieved in the year ago period. For full year 2026, we expect consolidated operating income to modestly exceed the level achieved in full year 2025 based on our expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane."First Quarter 2026 Discussion and Outlook for 2026Ocean Transportation: The Company's container volume in the Hawaii service in the first quarter 2026 was 5.6 percent lower year-over-year primarily due to lower general demand and the dry-docking of a competitor's vessel in the year ago period. Hawaii's economy is expected to experience modest growth supported by construction activity, while tourism remains soft and inflationary pressures persist. The Company expects volume in full year 2026 to be comparable to the level achieved in 2025, reflecting similar economic conditions and stable market share.In the China service, the Company's container volume in the first quarter 2026 decreased 9.5 percent year-over-year primarily due to lower general demand from a more traditional Lunar New Year freight cycle. The Company saw higher than expected freight demand post-Lunar New Year and the uptick in freight demand has continued to build in the second quarter as demand strengthens and volume returns to a more traditional seasonal pattern. The Company also expects this demand strength to continue through peak season. In the second quarter 2026, the Company expects higher volume compared to the prior year period, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025. The Company expects volume in full year 2026 to be moderately higher than the level achieved in 2025 based on our expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.In the Guam service, the Company's container volume in the first quarter 2026 was flat year-over-year. In the near term, the Company expects Guam's economy to remain stable. For full year 2026, the Company expects volume to be comparable to the level achieved last year.In the Alaska service, the Company's container volume in the first quarter 2026 decreased 2.0 percent year-over-year. The decrease was primarily due to lower general demand, partially offset by an additional northbound sailing and an additional AAX sailing compared to the year ago period. In the near term, the Company expects continued economic growth in Alaska supported by a low unemployment rate, jobs growth and continued oil and gas exploration and production activity. For full year 2026, the Company expects volume to be comparable to the level achieved last year.The contribution from the Company's SSAT joint venture investment was $5.0 million in the first quarter 2026, or $1.6 million lower than first quarter 2025. The decrease was primarily due to lower lift volume. For full year 2026, the Company expects the contribution from SSAT to be lower than the $32.5 million achieved in full year 2025.Based on the outlook trends noted above, the Company expects Ocean Transportation operating income in the second quarter 2026 to be approximately $20 million higher than the $98.6 million achieved in the second quarter 2025. For full year 2026, the Company expects Ocean Transportation operating income to modestly exceed the level achieved in full year 2025.Logistics: Operating income for the Company's Logistics segment was $6.8 million in the first quarter 2026, or $1.7 million lower compared to the level achieved in the first quarter 2025. The decrease was primarily due to a lower contribution from supply chain management. For the second quarter 2026, the Company expects Logistics operating income to approach the $14.4 million achieved in the second quarter 2025. For full year 2026, the Company expects Logistics operating income to approach the $44.2 million achieved in full year 2025.Consolidated Operating Income: To date, the Iran conflict has not impacted the Company's operating performance or service levels; however, it has impacted fuel prices in all of the Company's markets. While the Company has effective mechanisms to recover the cost of fuel by the end of the year, for the second quarter the Company expects a negative impact from the lag in the recovery of fuel costs. For the second quarter 2026, the Company expects consolidated operating income to be approximately $20 million higher than the $113.0 million achieved in the second quarter 2025. For full year 2026, the Company expects consolidated operating income to modestly exceed the level achieved in full year 2025 based on the Company's expectations of China demand strength in the second quarter continuing through peak season, continued solid U.S. consumer demand and a stable trading environment in the Transpacific Tradelane. For 2026 compared to 2025, the Company continues to expect a more normal operating seasonality pattern with consolidated operating income in the second and third quarters being the strongest relative to the first and fourth quarters.Depreciation and Amortization: For full year 2026, the Company expects depreciation and amortization expense to be approximately $210 million, inclusive of dry-docking amortization of approximately $35 million.Interest Income: The Company expects interest income for the full year 2026 to be approximately $16 million.Interest Expense, Net: The Company expects interest expense for the full year 2026 to be approximately $6 million.Other Income (Expense): The Company expects full year 2026 other income (expense) to be approximately $7 million in income, which is attributable to the amortization of certain components of net periodic benefit costs or gains related to the Company's pension and post-retirement plans.Income Taxes: In the first quarter 2026, the Company's effective tax rate was 16.6 percent. For the full year 2026, the Company expects its effective tax rate to be approximately 21.0 percent.Capital and Vessel Dry-docking Expenditures: For the first quarter 2026, the Company made capital expenditure payments excluding new vessel construction expenditures of $30.3 million, new vessel construction expenditures (including capitalized interest and owner's items) of $18.0 million, and dry-docking payments of $11.9 million. For the full year 2026, the Company expects to make other capital expenditure payments, including maintenance capital expenditures, of approximately $150 to $170 million, new vessel construction expenditures (including capitalized interest and owner's items) of approximately $400 million, and dry-docking payments of approximately $45 million.Results By Segment
Ocean Transportation — Three months ended March 31, 2026 compared with 2025
Three Months Ended March 31,
(Dollars in millions)
2026
2025
Change
Ocean Transportation revenue
$606.5
$637.4
$(30.9)
(4.8)%Operating costs and expenses
(551.9)
(563.8)
11.9
(2.1)%Operating income
$54.6
$73.6
$(19.0)
(25.8)%Operating income margin
9.0%
11.5%
Volume by Service (Forty-foot equivalent units (FEU)) (1)
Hawaii containers
33,700
35,700
(2,000)
(5.6)%Alaska containers
19,300
19,700
(400)
(2.0)%China containers (2)
25,800
28,500
(2,700)
(9.5)%Guam containers
4,200
4,200
—
—%Other containers (3)
3,300
3,400
(100)
(2.9)%
(1)Approximate volume included for the period are based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period.(2)Includes containers from China and other Asia origins.(3)Includes containers from services in various islands in Micronesia and the South Pacific, and Okinawa, Japan.Ocean Transportation revenue decreased $30.9 million, or 4.8 percent, during the three months ended March 31, 2026, compared with the three months ended March 31, 2025. The decrease was primarily due to lower volume in the China service.On a year-over-year FEU basis, Hawaii service container volume decreased 5.6 percent primarily due to lower general demand and the dry-docking of a competitor's vessel in the year ago period; Alaska service volume decreased 2.0 percent primarily due to lower general demand, partially offset by an additional northbound sailing and an additional AAX sailing compared to the year ago period; China service volume was 9.5 percent lower primarily due to lower general demand from a more traditional Lunar New Year freight cycle; Guam service volume was flat; and Other containers volume decreased 2.9 percent.Ocean Transportation operating income decreased $19.0 million, or 25.8 percent, during the three months ended March 31, 2026, compared with the three months ended March 31, 2025. The decrease was primarily due to a lower contribution from the China service.The Company's SSAT terminal joint venture investment contributed $5.0 million during the three months ended March 31, 2026, compared to $6.6 million during the three months ended March 31, 2025. The decrease was primarily due to lower lift volume.Logistics — Three months ended March 31, 2026 compared with 2025
Three Months Ended March 31,
(Dollars in millions)
2026
2025
Change
Logistics revenue
$151.3
$144.6
$6.7
4.6%Operating costs and expenses
(144.5)
(136.1)
(8.4)
6.2%Operating income
$6.8
$8.5
$(1.7)
(20.0)%Operating income margin
4.5%
5.9%
Logistics revenue increased $6.7 million, or 4.6 percent, during the three months ended March 31, 2026, compared with the three months ended March 31, 2025. The increase was primarily due to higher revenue in transportation brokerage.Logistics operating income decreased $1.7 million, or 20.0 percent, during the three months ended March 31, 2026, compared with the three months ended March 31, 2025. The decrease was primarily due to a lower contribution from supply chain management.Liquidity, Cash Flows and Capital AllocationMatson's Cash and Cash Equivalents decreased by $41.8 million from $141.9 million at December 31, 2025 to $100.1 million at March 31, 2026. As of March 31, 2026, there was $521.5 million of cash and cash equivalents and investments in fixed-rate U.S. Treasuries in the Capital Construction Fund. Matson generated net cash from operating activities of $94.0 million during the three months March 31, 2026, compared to $89.0 million during the three months ended March 31, 2025. Capital expenditures (including capitalized vessel construction expenditures) totaled $48.3 million for the three months ended March 31, 2026, compared with $89.2 million for the three months ended March 31, 2025. Total debt decreased by $10.1 million during the three months to $351.1 million as of March 31, 2026, of which $311.4 million was classified as long-term debt.[1] As of March 31, 2026, Matson had available borrowings under its revolving credit facility of $544.3 million.During the first quarter 2026, Matson repurchased approximately 0.4 million shares for a total cost of $54.4 million.[2] As of March 31, 2026, there were approximately 0.8 million shares remaining in the Company's share repurchase program. On April 23, 2026, Matson's Board of Directors approved an additional 3.0 million shares of common stock to be added to the Company's existing share repurchase program and extended the program to December 31, 2029. On April 23, 2026, Matson's Board of Directors also declared a cash dividend of $0.36 per share payable on June 4, 2026 to all shareholders of record as of the close of business on May 7, 2026.Teleconference and WebcastA conference call is scheduled on May 4, 2026 at 4:30 p.m. ET when Matt Cox, Chairman and Chief Executive Officer, and Joel Wine, Executive Vice President and Chief Financial Officer, will discuss Matson's first quarter results.Date of Conference Call:Monday, May 4, 2026Scheduled Time:4:30 p.m. ET / 1:30 p.m. PT / 10:30 a.m. HTThe conference call will be broadcast live along with an additional slide presentation on the Company's website at www.matson.com, under Investors. 1 Total debt is presented before any reduction for deferred loan fees as required by GAAP.2 Includes stock repurchased during the quarter but not settled and taxes on share repurchases that will be paid after the quarter end.Participants may register for the conference call at:https://register-conf.media-server.com/register/BI512867b8cdba4b7f9aa576788a36799aRegistered participants will receive the conference call dial-in number and a unique PIN code to access the live event. While not required, it is recommended you join 10 minutes prior to the event starting time. A replay of the conference call will be available approximately two hours after the event by accessing the webcast link at www.matson.com, under Investors.About the CompanyFounded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America and Asia. Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska. Additional information about the Company is available at www.matson.com.GAAP to Non-GAAP ReconciliationThis press release, the Form 8-K and the information to be discussed in the conference call include non-GAAP measures. While Matson reports financial results in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur and service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest, Income Taxes, Depreciation and Amortization ("EBITDA").Forward-Looking StatementsStatements in this news release that are not historical facts are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation those statements regarding outlook; operating income; depreciation and amortization, including dry-docking amortization; interest income; interest expense; other income (expense); tax rate; maintenance capital expenditures; capital and vessel dry-docking expenditures; volume; yield and freight rates; operating seasonality pattern; impacts from the Iran conflict; fuel prices and volatility; fuel cost recovery mechanisms and timing to recover such costs; freight demand, including e-commerce, e-goods and garments; U.S. consumer demand; trading environment; air-to-ocean freight conversions; air freight costs and air cargo capacity; growth and penetration into Southeast Asia ports; geopolitical tension and uncertainty; economic growth and drivers in Hawaii, Alaska and Guam; tourism levels; unemployment rates; construction activity; jobs growth; inflationary pressures; oil and gas exploration and production activity; market share; contribution from SSAT; vessel transit and connection times; refleeting initiatives; timing and amount of cash contributions into or withdrawals from the Capital Construction Fund; timing and amount of milestone payments and related costs; delivery dates for new vessels; and the timing, manner and volume of repurchases of common stock pursuant to the repurchase program. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to risks and uncertainties relating to repeal, invalidation, substantial amendment or waiver of the Jones Act or changes in its application, or the Company were determined not to be a United States citizen under the Jones Act; changes in macroeconomic conditions, geopolitical developments, or governmental policies; our ability to offer a differentiated service in China for which customers are willing to pay a significant premium; new or increased competition; loss of or damage to key customer relationships; agreements with key vendors and third parties; fuel prices, our ability to collect fuel-related surcharges and/or the cost or limited availability of required fuels; evolving regulations and stakeholder expectations related to sustainability matters; timely or successful completion of fleet upgrade initiatives; the Company's vessel construction agreements with Philly Shipyard; the occurrence of weather, natural disasters, maritime accidents, spill events and other physical and operating risks; transitional and other risks arising from climate change; actual or threatened health epidemics, outbreaks of disease, pandemics or other major health crises; significant operating agreements and leases that may not be renewed/replaced on favorable or acceptable terms; any unexpected dry-docking or repair costs; joint venture relationships; conducting business in foreign markets, including the imposition of tariffs or a change in international trade policies; modernization of terminals in Hawaii and Alaska; heightened security measures, war, actual or threatened terrorist attacks, efforts to combat terrorism and other acts of violence; consummating and integrating acquisitions; work stoppages or other labor disruptions caused by our unionized workers and other workers or their unions in related industries; loss of key personnel or failure to adequately manage human capital; the use of our information technology and communication systems; cybersecurity attacks; changes in our credit profile, disruptions of the credit markets or higher interest rates; our ability to access the debt capital markets; periodic revisions to the Company's effective income tax rate; changes in the value of pension assets; exposure under multi-employer pension and post-retirement plans; continuation of the Title XI and CCF programs; costs to comply with and liability related to numerous safety, environmental, and other laws and regulations; and disputes, legal and other proceedings and government inquiries or investigations. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release. We do not undertake any obligation to update our forward-looking statements.MATSON, INC. AND SUBSIDIARIESCondensed Consolidated Statements of Income(Unaudited)
Three Months Ended
March 31, (In millions, except per share amounts)
2026
2025Operating Revenue:
Ocean Transportation
$606.5
$637.4Logistics
151.3
144.6Total Operating Revenue
757.8
782.0
Costs and Expenses:
Operating costs
(623.9)
(631.1)Income from SSAT
5.0
6.6General and administrative
(77.5)
(75.4)Total Costs and Expenses
(696.4)
(699.9)
Operating Income
61.4
82.1Interest income
6.1
9.4Interest expense, net
(1.6)
(1.7)Other income (expense), net
2.0
2.4Income before Taxes
67.9
92.2Income taxes
(11.3)
(19.9)Net Income
$56.6
$72.3
Basic Earnings Per Share
$1.86
$2.20Diluted Earnings Per Share
$1.85
$2.18
Weighted Average Number of Shares Outstanding:
Basic
30.4
32.8Diluted
30.6
33.2 MATSON, INC. AND SUBSIDIARIESCondensed Consolidated Balance Sheets(Unaudited)
March 31,
December 31, (In millions)
2026
2025ASSETS
Current Assets:
Cash and cash equivalents
$100.1
$141.9Other current assets
336.3
330.0Total current assets
436.4
471.9Long-term Assets:
Investment in SSAT
101.5
96.2Property and equipment, net
2,510.6
2,499.4Goodwill
327.8
327.8Intangible assets, net
143.5
146.6Capital Construction Fund
521.5
532.7Other long-term assets
541.7
561.0Total long-term assets
4,146.6
4,163.7Total assets
$4,583.0
$4,635.6
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of debt
$39.7
$39.7Other current liabilities
490.2
487.7Total current liabilities
529.9
527.4Long-term Liabilities:
Long-term debt, net of deferred loan fees
302.2
312.1Deferred income taxes, net
702.7
701.9Other long-term liabilities
318.1
335.2Total long-term liabilities
1,323.0
1,349.2
Total shareholders' equity
2,730.1
2,759.0Total liabilities and shareholders' equity
$4,583.0
$4,635.6 MATSON, INC. AND SUBSIDIARIESCondensed Consolidated Statements of Cash Flows(Unaudited)
Three Months Ended March 31,
(In millions)
2026
2025
Cash Flows From Operating Activities:
Net income
$56.6
$72.3
Reconciling adjustments:
Depreciation and amortization
42.2
40.6
Amortization of operating lease right-of-use assets
33.7
34.5
Deferred income taxes, net
0.7
0.4
Share-based compensation expense
5.5
5.8
Income from SSAT
(5.0)
(6.6)
Other
0.3
(1.9)
Changes in assets and liabilities:
Accounts receivable, net
(1.1)
(1.6)
Deferred dry-docking payments
(11.9)
(10.4)
Deferred dry-docking amortization
7.7
6.6
Prepaid expenses and other assets
(4.0)
(6.9)
Accounts payable, accruals and other liabilities
1.0
(5.3)
Operating lease assets and liabilities, net
(29.8)
(35.1)
Other long-term liabilities
(1.9)
(3.4)
Net cash provided by operating activities
94.0
89.0
Cash Flows From Investing Activities:
Vessel construction expenditures
(18.0)
(66.7)
Capital expenditures (excluding vessel construction expenditures)
(30.3)
(22.5)
Proceeds from disposal of property and equipment, net
(0.1)
0.2
Cash and interest deposited into the Capital Construction Fund
(5.8)
(105.4)
Withdrawals from Capital Construction Fund
17.4
65.0
Net cash used in investing activities
(36.8)
(129.4)
Cash Flows From Financing Activities:
Repayments of debt
(10.1)
(10.1)
Dividends paid
(11.0)
(11.3)
Repurchase of Matson common stock
(52.8)
(66.9)
Tax withholding related to net share settlements of restricted stock units
(25.1)
(16.1)
Net cash used in financing activities
(99.0)
(104.4)
Net Decrease in Cash and Cash Equivalents
(41.8)
(144.8)
Cash and Cash Equivalents, Beginning of the Period
141.9
266.8
Cash and Cash Equivalents, End of the Period
$100.1
$122.0
Supplemental Cash Flow Information:
Interest paid, net of capitalized interest
$1.7
$1.7
Income taxes paid, net of income tax refunds
$2.8
$1.6
Non-cash Information:
Capital expenditures included in accounts payable, accruals and other liabilities
$3.2
$7.6
MATSON, INC. AND SUBSIDIARIESNet Income to EBITDA Reconciliations(Unaudited)
Three Months Ended
March 31,
Last Twelve(In millions)
2026
2025
Change
MonthsNet Income
$56.6
$72.3
$(15.7)
$429.1Subtract:Interest income
(6.1)
(9.4)
3.3
(28.4)Add:Interest expense, net
1.6
1.7
(0.1)
6.7Add:Income taxes
11.3
19.9
(8.6)
80.4Add:Depreciation and amortization
42.2
40.6
1.6
168.5Add:Deferred dry-docking amortization
7.7
6.6
1.1
30.0EBITDA (1)
$113.3
$131.7
$(18.4)
$686.3
(1)EBITDA is defined as earnings before interest, income taxes, depreciation and amortization (including deferred dry-docking amortization). EBITDA should not be considered as an alternative to net income (as determined in accordance with GAAP), as an indicator of our operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) as a measure of liquidity. Our calculation of EBITDA may not be comparable to EBITDA as calculated by other companies, nor is this calculation identical to the EBITDA used by our lenders to determine financial covenant compliance. View original content to download multimedia:https://www.prnewswire.com/news-releases/matson-inc-announces-first-quarter-2026-results-302761687.htmlSOURCE Matson, Inc. Original: MATSON, INC. ANNOUNCES FIRST QUARTER 2026 RESULTS
US Market News
3 months ago
Matson Contributed $8.6 Million to Community Programs in 2025March 18, 2026 2:26 PM
PR Newswire (US)
$3.1 million to Food Security programs$ 1.8 million to Health & Human Services$871K to Environmental programsHONOLULU, March 18, 2026 /PRNewswire/ -- Matson contributed a total of $8.6 million in cash and in-kind support in 2025 to 709 charitable organizations and non-profit programs across the communities it serves.
Cash contributions, including funds directed by employees through the company's Matching Gift program, added up to $3.7 million in 2025, while the value of donated services and equipment totaled $4.9 million.The biggest categories of giving for the year were Food Security programs, with $3.1 million in cash and in-kind support; Health & Human Services with $1.8 million in cash and in-kind support; and Environmental programs with $871,000 in cash and in-kind support.As part of its pandemic response plan in 2020, Matson made a multi-year commitment of $5 million in cash and in-kind services to support food bank networks in Hawaii, Alaska and Guam. In 2023, the company committed to providing another $5 million in cash and in-kind services to continue supporting community food bank networks through 2026.In 2025, Matson contributed $5.8 million in cash, services and equipment support to organizations in Hawaii, Guam/Micronesia and the South Pacific, with the largest category of giving in Food, Agriculture & Nutrition program support at $2.6 million. The company donated $1.9 million in cash and services to organizations in Alaska, and more than $897,000 in cash donations to community organizations on the continental U.S.Substantial contributions from donated or discounted shipping supported food banks and food security programs in Hawaii and Alaska as well as environmental and recycling programs in Alaska.In Hawaii, Matson added 100 containers to its existing pledge of 400 containers of in-kind shipping services annually through 2026 to help Hawaii Foodbank meet rising demand, equating to 3.5 million additional meals for Hawaii families. Matson also donated $25,000 in cash to The Food Basket, Hawaii Island's Foodbank, and $25,000 in cash to Hawaii Foodbank Kauai.Larger contributions of in-kind services or cash in Hawaii include:Hawaii Foodbank - $1.9MMaui Foodbank - $ 555,000Maui Wildfire Recovery - $ 526,000Hawaii Pacific Health - $116,000Big Brothers Big Sisters Hawaii - $100,000PBS Hawaii - $100,000Children's Discovery Center - $100,000Larger contributions of in-kind services or cash in Alaska include:Alaskans for Litter Prevention and Recycling - $658,700Food Bank of Alaska - $254,000University of Alaska Foundation - $66,000Seward Association for the Advancement of Marine Science - $65,000Larger contributions of primarily in-kind services in Guam and Micronesia include:University of Guam Endowment Foundation - $70,000Ayuda Foundation - $67,000Canvasback Missions - $25,000Pacific Mini Games - $21,000500 Sails - $17,000Contributions supporting social service programs include:$100,000 in targeted annual grants supporting 10 social service focused nonprofit programs in Matson communities$87,000 in higher education scholarships aimed at supporting student leaders pursuing fields of study in maritime and supply chain logisticsLed by employee committees in Hawaii, Alaska and Guam, Matson focuses its community support on local programs providing vital health care and human services; youth development / recreation; disaster preparedness and recovery; education; cultural and environmental preservation; the arts; agriculture and nutrition; and maritime safety.Additional information on Matson's community support activities is available in the company's Sustainability Reports posted online at: https://www.matson.com/sustainability/sustainability-reports.htmlAbout the CompanyFounded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides service to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America and Asia. Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska. Additional information about the Company is available at www.matson.com.Contact:
Keoni Wagner
Matson
(808) 221-1467
kwagner@matson.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/matson-contributed-8-6-million-to-community-programs-in-2025--302717854.htmlSOURCE Matson, Inc.
Original: Matson Contributed $8.6 Million to Community Programs in 2025
US Market News
3 months ago
John Lauer, EVP and CCO, Announces Retirement PlansMarch 12, 2026 5:08 PM
PR Newswire (US)
Chris Scott, SVP, Transpacific Service and Corporate Pricing, to Succeed LauerHONOLULU, March 12, 2026 /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX) announced today that John Lauer, Executive Vice President and Chief Commercial Officer, will retire on July 1, 2026, having led the sales, marketing, pricing and customer service activities of the company over the past 19 years.
The company concurrently announced that Chris Scott, Senior Vice President, Transpacific Service and Corporate Pricing, will be promoted to succeed Lauer as EVP and CCO when Lauer retires in July."John is a role model for leadership at Matson. He embodies values to which we all aspire – teamwork, mutual respect, integrity, accountability and innovation – and lives them every day. During his tenure, John has influenced the evolution of virtually all of our business processes and made them better," said Matt Cox, Chairman and CEO. "I want to express my deep gratitude to John for his years of dedicated service and many contributions to Matson's success."Under Lauer's leadership, Matson has reinforced its standing and reputation as the leading carrier in its core domestic markets. He has also led the company's organic growth internationally, expanding its industry leading expedited services between China and the U.S. West Coast and introducing Matson's brand of service into important new markets with oversight responsibility for all operations in Asia. He has also been a driver of company initiatives leveraging the latest technology to introduce new management tools that will improve strategic decision making into the future."As a result of our longstanding bench development and succession planning efforts, we have a dynamic veteran Matson leader in Chris Scott, who is well prepared to take the baton," said Cox. "Chris will bring 34 years of broad industry experience to his new role - the majority of which has been in leadership roles across Matson operations and commercial departments. Working alongside John and Qiang Gao, our SVP, Asia, he has been integral to the successful growth of our China services over the past decade."Having begun his career in transportation and logistics in 1992, working in trucking and warehousing operations, Scott joined Matson in 1995 as a customer service representative at Matson's Customer Service Center in Phoenix, rose to a leadership position in that organization and later served in a series of increasing leadership positions in operations and sales at Matson. He was promoted to senior vice president, transpacific services in February 2021 and was appointed to his current role in January 2026.The company also announced that its succession plan will elevate Tony Crisafulli, Director of Trade, Transpacific Service, to the position of Vice President, Transpacific Service when Scott's appointment becomes effective on July 1.Crisafulli, a 30-year industry veteran joined Matson in 2025 and in his current role is responsible for key commercial aspects of Matson's China service, including assisting in management of the trade relating to overall strategy, customer relationships, and allocation management. In his new role, he will be responsible to lead the commercial efforts for Matson's China services, reporting to Scott.About the CompanyFounded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides service to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America and Asia. Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska. Additional information about the Company is available at www.matson.com.Contact:
Keoni Wagner
Matson
510-628-4534
kwagner@matson.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/john-lauer-evp-and-cco-announces-retirement-plans-302712873.htmlSOURCE Matson, Inc.
Original: John Lauer, EVP and CCO, Announces Retirement Plans
US Market News
4 months ago
MATSON, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS; PROVIDES 2026 OUTLOOKFebruary 24, 2026 4:05 PM
PR Newswire (US)
4Q25 EPS of $4.60Full Year 2025 EPS of $13.81Full Year 2025 Net Income and EBITDA of $444.8 million and $704.7 million, respectively1Q26 Consolidated Operating Income expected to be lower year-over-year2026 Consolidated Operating Income expected to approach the level achieved in full year 2025HONOLULU, Feb. 24, 2026 /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $143.1 million, or $4.60 per diluted share, for the quarter ended December 31, 2025. Net income for the quarter ended December 31, 2024 was $128.0 million, or $3.80 per diluted share. Consolidated revenue for the fourth quarter 2025 was $851.9 million compared with $890.3 million for the fourth quarter 2024.
Matt Cox, Matson's Chairman and Chief Executive Officer, commented, "Matson had a solid finish to the year with consolidated fourth quarter results that exceeded our expectations. For the quarter, Ocean Transportation operating income approached the level achieved in the prior year period primarily due to higher than expected freight rates and volume in our China service driven by strong e-commerce and e-goods demand. Our China service benefited from strong freight demand in our key customer segments as well as a more stable trading environment in the Transpacific tradelane as a result of the U.S.-China trade and economic deal announced on October 30, 2025, which reduced uncertainty regarding tariffs, port entry fees, global trade and other geopolitical factors. In our domestic ocean tradelanes, we saw higher year-over-year volumes in Hawaii and Guam and lower year-over-year volume in Alaska. In Logistics, quarterly operating income decreased year-over-year primarily due to a lower contribution from supply chain management. For the full year 2025, our consolidated operating income decreased year-over-year primarily due to lower volume and freight rates in our China service over the last three quarters as customers managed freight in a challenging environment marked by uncertainty and volatility arising from tariffs and global trade." Mr. Cox added, "Looking ahead, we expect Ocean Transportation operating income in the first quarter 2026 to be approximately $50 million, which is lower than the first quarter last year, primarily due to lower volume in our China service. For Logistics, we expect operating income in the first quarter 2026 to be modestly lower than the level achieved in the year ago period. For full year 2026, we expect consolidated operating income to approach the level achieved in full year 2025 based on our expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane. For 2026 compared to 2025, we also expect to see a more normal operating income seasonality pattern with our second and third quarters being the strongest relative to the first and fourth quarters."Fourth Quarter 2025 Discussion and Outlook for 2026Ocean Transportation: The Company's container volume in the Hawaii service in the fourth quarter 2025 was 0.6 percent higher year-over-year primarily due to higher general demand. Hawaii's economy remains sluggish as softer tourism and ongoing inflationary pressures, including elevated interest rates, more than offset strength in construction activity. The Company expects volume in full year 2026 to be comparable to the level achieved in 2025, reflecting similar economic conditions and stable market share.In China, the Company's container volume in the fourth quarter 2025 decreased 7.2 percent year-over-year. The Company saw higher than expected freight rates and volume driven by strong e-commerce and e-goods demand. The Company benefited from strong freight demand in its key customer segments as well as a more stable trading environment in the Transpacific tradelane as a result of the U.S.-China trade and economic deal announced on October 30, 2025, which reduced uncertainty regarding tariffs, port entry fees, global trade and other geopolitical factors. In the first quarter 2026, the Company expects lower volume compared to the prior year period. The Company expects volume in full year 2026 to be modestly higher than the level achieved in 2025 based on our expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.In Guam, the Company's container volume in the fourth quarter 2025 increased 4.4 percent year-over-year primarily due to higher general demand. In the near term, the Company expects Guam's economy to moderate reflecting a challenging tourism environment. For full year 2026, the Company expects volume to be comparable to the level achieved last year.In Alaska, the Company's container volume for the fourth quarter 2025 decreased 3.3 percent year-over-year. The decrease was primarily due to one less northbound sailing compared to the year ago period, partially offset by higher export seafood volume on AAX. In the near term, the Company expects continued economic growth in Alaska supported by a low unemployment rate, jobs growth and continued oil and gas exploration and production activity. For full year 2026, the Company expects volume to be comparable to the level achieved last year.The contribution in the fourth quarter 2025 from the Company's SSAT joint venture investment was $9.3 million, or $18.8 million higher than fourth quarter 2024. The increase was primarily due to an impairment charge related to the write-down of a terminal operating lease asset at SSAT which impacted fourth quarter 2024 operating income, net income and diluted earnings per share by $18.4 million, $14.0 million and $0.42 per share, respectively. For full year 2026, the Company expects the contribution from SSAT to be comparable to the $32.5 million achieved in full year 2025.Based on the outlook trends noted above, the Company expects Ocean Transportation operating income for the first quarter 2026 to be approximately $50 million. For full year 2026, the Company expects Ocean Transportation operating income to approach the level achieved in full year 2025. For 2026 compared to 2025, the Company also expects to see a more normal operating income seasonality pattern with second and third quarters being the strongest relative to the first and fourth quarters.Logistics: In the fourth quarter 2025, operating income for the Company's Logistics segment was $7.7 million, or $2.4 million lower compared to the level achieved in the fourth quarter 2024. The decrease was primarily due to a lower contribution from supply chain management. For the first quarter 2026, the Company expects Logistics operating income to be modestly lower than the $8.5 million achieved in the first quarter 2025. For full year 2026, the Company expects Logistics operating income to approach the $44.2 million achieved in full year 2025.Consolidated Operating Income: For the first quarter 2026, the Company expects consolidated operating income to be lower than the $82.1 million achieved in the first quarter 2025. For full year 2026, the Company expects consolidated operating income to approach the level achieved in full year 2025 based on our expectations of continued solid U.S. consumer demand and a stable trading environment. Depreciation and Amortization: For full year 2026, the Company expects depreciation and amortization expense to be approximately $210 million, inclusive of dry-docking amortization of approximately $35 million.Interest Income: The Company expects interest income for the full year 2026 to be approximately $15 million.Interest Expense: The Company expects interest expense for the full year 2026 to be approximately $6 million.Other Income (Expense): The Company expects full year 2026 other income (expense) to be approximately $7 million in income, which is attributable to the amortization of certain components of net periodic benefit costs or gains related to the Company's pension and post-retirement plans.Income Taxes: In the fourth quarter 2025, the Company's effective tax rate was 5.2 percent and benefited from a one-time tax adjustment of $18.5 million, or $0.59 per share, related to the Company's deferred tax assets and liabilities. For the full year 2025, the Company's effective tax rate was 16.7 percent. For the full year 2026, the Company expects its effective tax rate to be approximately 21.0 percent.Capital and Vessel Dry-docking Expenditures: For the full year 2025, the Company made capital expenditure payments excluding new vessel construction expenditures of $149.1 million, new vessel construction expenditures (including capitalized interest and owner's items) of $244.3 million, and dry-docking payments of $49.4 million. For the full year 2026, the Company expects to make other capital expenditure payments, including maintenance capital expenditures, of approximately $150 to $170 million, new vessel construction expenditures (including capitalized interest and owner's items) of approximately $425 million, and dry-docking payments of approximately $45 million.Results By Segment
Ocean Transportation — Three months ended December 31, 2025 compared with 2024
Three Months Ended December 31,
(Dollars in millions)
2025
2024
Change
Ocean Transportation revenue
$704.2
$742.1
$(37.9)
(5.1)%Operating costs and expenses
(568.2)
(604.7)
36.5
(6.0)%Operating income
$136.0
$137.4
$(1.4)
(1.0)%Operating income margin
19.3%
18.5%
Volume (Forty-foot equivalent units (FEU)) (1)
Hawaii containers
35,000
34,800
200
0.6%Alaska containers
17,400
18,000
(600)
(3.3)%China containers (2)
34,700
37,400
(2,700)
(7.2)%Guam containers
4,700
4,500
200
4.4%Other containers (3)
4,800
4,300
500
11.6%
(1)Approximate volume included for the period are based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period.(2)Includes containers from China and other Asia origins.(3)Includes containers from services in various islands in Micronesia and the South Pacific, and Okinawa, Japan.Ocean Transportation revenue decreased $37.9 million, or 5.1 percent, during the three months ended December 31, 2025, compared with the three months ended December 31, 2024. The decrease was primarily due to lower freight rates and volume in China.On a year-over-year FEU basis, Hawaii container volume increased 0.6 percent primarily due to higher general demand; Alaska volume decreased 3.3 percent primarily due to one less northbound sailing compared to the year ago period, partially offset by higher export seafood volume on AAX; China volume was 7.2 percent lower; Guam volume increased 4.4 percent primarily due to higher general demand; and Other containers volume increased 11.6 percent.Ocean Transportation operating income decreased $1.4 million, or 1.0 percent, during the three months ended December 31, 2025, compared with the three months ended December 31, 2024. The decrease was primarily due to a lower contribution from China, partially offset by a higher contribution from SSAT.The Company's SSAT terminal joint venture investment contributed $9.3 million during the three months ended December 31, 2025, compared to a loss of $9.5 million during the three months ended December 31, 2024. The increase was primarily due to an impairment charge related to the write-down of a terminal operating lease asset at SSAT in the year ago period which impacted operating income by $18.4 million.Ocean Transportation — Year ended December 31, 2025 compared with 2024
Years Ended December 31,
(Dollars in millions)
2025
2024
Change
Ocean Transportation revenue
$2,735.5
$2,809.7
$(74.2)
(2.6)%Operating costs and expenses
(2,279.9)
(2,308.8)
28.9
(1.3)%Operating income
$455.6
$500.9
$(45.3)
(9.0)%Operating income margin
16.7%
17.8%
Volume (Forty-foot equivalent units (FEU)) (1)
Hawaii containers
143,000
140,700
2,300
1.6%Alaska containers
81,900
80,500
1,400
1.7%China containers (2)
130,400
144,100
(13,700)
(9.5)%Guam containers
18,000
18,800
(800)
(4.3)%Other containers (3)
17,200
17,000
200
1.2%
(1)Approximate volume included for the period are based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period.(2)Includes containers from China and other Asia origins.(3)Includes containers from services in various islands in Micronesia and the South Pacific, and Okinawa, Japan.Ocean Transportation revenue decreased $74.2 million, or 2.6 percent, during the year ended December 31, 2025, compared with the year ended December 31, 2024. The decrease was primarily due to lower volume in China.On a year-over-year FEU basis, Hawaii container volume increased 1.6 percent primarily due to higher general demand and the dry-docking of a competitor's vessel in the first half of 2025; Alaska volume increased 1.7 percent primarily due to higher export seafood volume on AAX, partially offset by one less northbound sailing; China volume decreased 9.5 percent primarily due to the difficult trading environment in the Transpacific in the last three quarters of 2025 marked by continued uncertainty and volatility arising from tariffs and global trade; Guam volume decreased 4.3 percent primarily due to lower general demand; and Other containers volume increased 1.2 percent.Ocean Transportation operating income decreased $45.3 million, or 9.0 percent, during the year ended December 31, 2025, compared with the year ended December 31, 2024. The decrease was primarily due to a lower contribution from China, partially offset by a higher contribution from SSAT.The Company's SSAT terminal joint venture investment contributed $32.5 million during the year ended December 31, 2025, compared to a loss of $1.0 million during the year ended December 31, 2024. The increase was primarily due to an impairment charge related to the write-down of a terminal operating lease asset at SSAT in the year ago period which impacted operating income by $18.4 million and higher lift volume.Logistics — Three months ended December 31, 2025 compared with 2024
Three Months Ended December 31,
(Dollars in millions)
2025
2024
Change
Logistics revenue
$147.7
$148.2
$(0.5)
(0.3)%Operating costs and expenses
(140.0)
(138.1)
(1.9)
1.4%Operating income
$7.7
$10.1
$(2.4)
(23.8)%Operating income margin
5.2%
6.8%
Logistics revenue decreased $0.5 million, or 0.3 percent, during the three months ended December 31, 2025, compared with the three months ended December 31, 2024. The decrease was primarily due to lower revenue in supply chain management, partially offset by higher revenue in transportation brokerage.Logistics operating income decreased $2.4 million, or 23.8 percent, during the three months ended December 31, 2025, compared with the three months ended December 31, 2024. The decrease was primarily due to a lower contribution from supply chain management.Logistics — Year ended December 31, 2025 compared with 2024
Years Ended December 31,
(Dollars in millions)
2025
2024
Change
Logistics revenue
$609.0
$612.1
$(3.1)
(0.5)%Operating costs and expenses
(564.8)
(561.7)
(3.1)
0.6%Operating income
$44.2
$50.4
$(6.2)
(12.3)%Operating income margin
7.3%
8.2%
Logistics revenue decreased $3.1 million, or 0.5 percent, during the year ended December 31, 2025, compared with the year ended December 31, 2024. The decrease was primarily due to lower revenue in transportation brokerage and supply chain management, partially offset by higher revenue in freight forwarding.Logistics operating income decreased $6.2 million, or 12.3 percent, during the year ended December 31, 2025, compared with the year ended December 31, 2024. The decrease was primarily due to lower contributions from freight forwarding and transportation brokerage.Liquidity, Cash Flows and Capital AllocationMatson's Cash and Cash Equivalents decreased by $124.9 million from $266.8 million at December 31, 2024 to $141.9 million at December 31, 2025. As of December 31, 2025, there was $532.7 million of cash and cash equivalents and investments in fixed-rate U.S. Treasuries in the Capital Construction Fund. Matson generated net cash from operating activities of $547.1 million during the year ended December 31, 2025, compared to $767.8 million during the year ended December 31, 2024. The year-over-year decline in net cash from operating activities was due primarily to the receipt of a federal tax refund of $118.6 million in the second quarter 2024 related to the Company's 2021 federal tax return. Capital expenditures (including capitalized vessel construction expenditures) totaled $393.4 million for the year ended December 31, 2025, compared with $310.1 million for the year ended December 31, 2024. Total debt decreased by $39.7 million during the year to $361.2 million as of December 31, 2025, of which $321.5 million was classified as long-term debt.1 As of December 31, 2025, Matson had available borrowings under its revolving credit facility of $544.3 million.During the fourth quarter 2025, Matson repurchased approximately 0.7 million shares for a total cost of $78.1 million.2 As of December 31, 2025, there were approximately 1.1 million shares remaining in the Company's share repurchase program. Matson's Board of Directors also declared a cash dividend of $0.36 per share payable on March 5, 2026 to all shareholders of record as of the close of business on February 5, 2026.Teleconference and WebcastA conference call is scheduled on February 24, 2026 at 4:30 p.m. ET when Matt Cox, Chairman and Chief Executive Officer, and Joel Wine, Executive Vice President and Chief Financial Officer, will discuss Matson's fourth quarter results.Date of Conference Call:Tuesday, February 24, 2026Scheduled Time:4:30 p.m. ET / 1:30 p.m. PT / 11:30 a.m. HT 1 Total debt is presented before any reduction for deferred loan fees as required by GAAP.2 Includes stock repurchased during the quarter but not settled and taxes on share repurchases that will be paid after the quarter end.The conference call will be broadcast live along with an additional slide presentation on the Company's website at www.matson.com, under Investors. Participants may register for the conference call at:https://register-conf.media-server.com/register/BI2f86b7aed35545c9bacf93a43078cde7Registered participants will receive the conference call dial-in number and a unique PIN code to access the live event. While not required, it is recommended you join 10 minutes prior to the event starting time. A replay of the conference call will be available approximately two hours after the event by accessing the webcast link at www.matson.com, under Investors.About the CompanyFounded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides service to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America and Asia. Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska. Additional information about the Company is available at www.matson.com.GAAP to Non-GAAP ReconciliationThis press release, the Form 8-K and the information to be discussed in the conference call include non-GAAP measures. While Matson reports financial results in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur and service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest, Income Taxes, Depreciation and Amortization ("EBITDA").Forward-Looking StatementsStatements in this news release that are not historical facts are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation those statements regarding outlook; operating income; depreciation and amortization, including dry-docking amortization; interest income; interest expense; other income (expense); tax rate; maintenance capital expenditures; capital and vessel dry-docking expenditures; volume and freight rates; yield and price; seasonality pattern; U.S. consumer demand; trading environment; tariffs; port entry fees; global trade; geopolitical factors; inventory levels; trade uncertainty; market uncertainty and volatility; economic growth and drivers in Hawaii, Alaska and Guam; interest rates; tourism levels; percentage of freight originating in Southeast Asia; unemployment rates; construction activity; jobs growth; inflation; oil and gas exploration and production activity; economic conditions; market share; contribution from SSAT; vessel transit and connection times; refleeting initiatives; timing and amount of cash contributions into or withdrawals from the Capital Construction Fund; timing and amount of milestone payments and related costs; delivery dates for new vessels; and the timing, manner and volume of repurchases of common stock pursuant to the repurchase program. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to risks and uncertainties relating to repeal, invalidation, substantial amendment or waiver of the Jones Act or changes in its application, or the Company were determined not to be a United States citizen under the Jones Act; changes in macroeconomic conditions, geopolitical developments, or governmental policies; our ability to offer a differentiated service in China for which customers are willing to pay a significant premium; new or increased competition; loss of or damage to key customer relationships; agreements with key vendors and third parties; fuel prices, our ability to collect fuel-related surcharges and/or the cost or limited availability of required fuels; evolving regulations and stakeholder expectations related to sustainability matters; timely or successful completion of fleet upgrade initiatives; the Company's vessel construction agreements with Philly Shipyard; the occurrence of weather, natural disasters, maritime accidents, spill events and other physical and operating risks; transitional and other risks arising from climate change; actual or threatened health epidemics, outbreaks of disease, pandemics or other major health crises; significant operating agreements and leases that may not be renewed/replaced on favorable or acceptable terms; any unexpected dry-docking or repair costs; joint venture relationships; conducting business in foreign markets, including the imposition of tariffs or a change in international trade policies; modernization of terminals in Hawaii and Alaska; heightened security measures, war, actual or threatened terrorist attacks, efforts to combat terrorism and other acts of violence; consummating and integrating acquisitions; work stoppages or other labor disruptions caused by our unionized workers and other workers or their unions in related industries; loss of key personnel or failure to adequately manage human capital; the use of our information technology and communication systems; cybersecurity attacks; changes in our credit profile, disruptions of the credit markets or higher interest rates; our ability to access the debt capital markets; periodic revisions to the Company's effective income tax rate; changes in the value of pension assets; exposure under multi-employer pension and post-retirement plans; continuation of the Title XI and CCF programs; costs to comply with and liability related to numerous safety, environmental, and other laws and regulations; and disputes, legal and other proceedings and government inquiries or investigations. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release. We do not undertake any obligation to update our forward-looking statements.MATSON, INC. AND SUBSIDIARIESCondensed Consolidated Statements of Income(Unaudited)
Three Months Ended
Years Ended
December 31,
December 31, (In millions, except per share amounts)
2025
2024
2025
2024Operating Revenue:
Ocean Transportation
$704.2
$742.1
$2,735.5
$2,809.7Logistics
147.7
148.2
609.0
612.1Total Operating Revenue
851.9
890.3
3,344.5
3,421.8
Costs and Expenses:
Operating costs
(640.5)
(652.5)
(2,583.1)
(2,565.9)Income (Loss) from SSAT
9.3
(9.5)
32.5
(1.0)General and administrative
(77.0)
(80.8)
(294.1)
(303.6)Total Costs and Expenses
(708.2)
(742.8)
(2,844.7)
(2,870.5)
Operating Income
143.7
147.5
499.8
551.3Interest income
6.7
10.3
31.7
48.3Interest expense
(1.6)
(1.4)
(6.8)
(7.5)Other income (expense), net
2.2
1.8
9.1
7.3Income before Taxes
151.0
158.2
533.8
599.4Income taxes
(7.9)
(30.2)
(89.0)
(123.0)Net Income
$143.1
$128.0
$444.8
$476.4
Basic Earnings Per Share
$4.65
$3.87
$13.99
$14.14Diluted Earnings Per Share
$4.60
$3.80
$13.81
$13.93
Weighted Average Number of Shares Outstanding:
Basic
30.8
33.1
31.8
33.7Diluted
31.1
33.7
32.2
34.2 MATSON, INC. AND SUBSIDIARIESCondensed Consolidated Balance Sheets(Unaudited)
December 31,
December 31, (In millions)
2025
2024ASSETS
Current Assets:
Cash and cash equivalents
$141.9
$266.8Other current assets
330.0
342.8Total current assets
471.9
609.6Long-term Assets:
Investment in SSAT
96.2
84.1Property and equipment, net
2,499.4
2,260.9Goodwill
327.8
327.8Intangible assets, net
146.6
159.4Capital Construction Fund
532.7
642.6Other long-term assets
561.0
511.0Total long-term assets
4,163.7
3,985.8Total assets
$4,635.6
$4,595.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of debt
$39.7
$39.7Other current liabilities
487.7
520.7Total current liabilities
527.4
560.4Long-term Liabilities:
Long-term debt, net of deferred loan fees
312.1
350.8Deferred income taxes, net
701.9
693.4Other long-term liabilities
335.2
338.8Total long-term liabilities
1,349.2
1,383.0
Total shareholders' equity
2,759.0
2,652.0Total liabilities and shareholders' equity
$4,635.6
$4,595.4 MATSON, INC. AND SUBSIDIARIESCondensed Consolidated Statements of Cash Flows(Unaudited)
Years Ended December 31,
(In millions)
2025
2024
2023
Cash Flows From Operating Activities:
Net income
$444.8
$476.4
$297.1
Reconciling adjustments:
Depreciation and amortization
166.9
153.1
142.2
Amortization of operating lease right-of-use assets
133.1
133.7
142.0
Deferred income taxes, net
8.2
20.9
19.6
(Gain) Loss on disposal of property and equipment
(4.4)
(2.3)
0.6
Share-based compensation expense
22.7
26.5
23.8
(Income) Loss from SSAT
(32.5)
1.0
(2.2)
Distributions from SSAT
21.0
14.0
—
Other
(7.0)
(10.3)
(0.5)
Changes in assets and liabilities:
Accounts receivable, net
12.3
9.8
(10.9)
Deferred dry-docking payments
(49.4)
(30.2)
(24.1)
Deferred dry-docking amortization
28.9
27.2
25.3
Prepaid expenses and other assets
(24.9)
94.8
33.5
Accounts payable, accruals and other liabilities
(33.8)
(5.6)
10.9
Operating lease assets and liabilities, net
(128.1)
(139.5)
(144.8)
Other long-term liabilities
(10.7)
(1.7)
(2.0)
Net cash provided by operating activities
547.1
767.8
510.5
Cash Flows From Investing Activities:
Capitalized vessel construction expenditures
(244.3)
(95.6)
(52.9)
Capital expenditures (excluding vessel construction expenditures)
(149.1)
(214.5)
(195.5)
Proceeds from disposal of property and equipment, net
9.1
5.9
1.2
Payments for asset acquisitions
—
(0.8)
(12.4)
Cash and interest deposits into Capital Construction Fund
(118.6)
(120.7)
(128.5)
Withdrawals from Capital Construction Fund
237.3
89.6
49.9
Net cash used in investing activities
(265.6)
(336.1)
(338.2)
Cash Flows From Financing Activities:
Repayments of debt
(39.7)
(39.7)
(76.9)
Payments of deferred loan fees
(2.1)
—
—
Dividends paid
(44.9)
(44.8)
(45.0)
Repurchase of Matson common stock
(303.3)
(199.1)
(155.2)
Tax withholding related to net share settlements of restricted stock units
(16.4)
(17.6)
(12.6)
Net cash used in financing activities
(406.4)
(301.2)
(289.7)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash
(124.9)
130.5
(117.4)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year
266.8
136.3
253.7
Cash, Cash Equivalents and Restricted Cash, End of Year
$141.9
$266.8
$136.3
Reconciliation of Cash, Cash Equivalents, and Restricted Cash, End of Year:
Cash and Cash Equivalents
$141.9
$266.8
$134.0
Restricted Cash
—
—
2.3
Total Cash, Cash Equivalents and Restricted Cash, End of Year
$141.9
$266.8
$136.3
Supplemental Cash Flow Information:
Interest paid, net of capitalized interest
$5.3
$5.9
$11.1
Income tax paid, net of income tax refunds (see Note 10)
$86.1
$(26.5)
$7.5
Non-cash Information:
Capital expenditures included in accounts payable, accruals and other liabilities
$2.3
$7.9
$10.8
Non-cash payments for intangible asset acquisitions
$—
$—
$2.7
MATSON, INC. AND SUBSIDIARIESNet Income to EBITDA Reconciliations(Unaudited)
Three Months Ended
December 31, (In millions)
2025
2024
ChangeNet Income
$143.1
$128.0
$15.1Subtract:Interest income
(6.7)
(10.3)
3.6Add:Interest expense
1.6
1.4
0.2Add:Income taxes
7.9
30.2
(22.3)Add:Depreciation and amortization
43.0
39.7
3.3Add:Drydock amortization
8.2
6.2
2.0EBITDA (1)
$197.1
$195.2
$1.9
Years Ended
December 31, (In millions)
2025
2024
ChangeNet Income
$444.8
$476.4
$(31.6)Subtract:Interest income
(31.7)
(48.3)
16.6Add:Interest expense
6.8
7.5
(0.7)Add:Income taxes
89.0
123.0
(34.0)Add:Depreciation and amortization
166.9
153.1
13.8Add:Drydock amortization
28.9
27.2
1.7EBITDA (1)
$704.7
$738.9
$(34.2)
(1)EBITDA is defined as earnings before interest, income taxes, depreciation and amortization (including deferred dry-docking amortization). EBITDA should not be considered as an alternative to net income (as determined in accordance with GAAP), as an indicator of our operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) as a measure of liquidity. Our calculation of EBITDA may not be comparable to EBITDA as calculated by other companies, nor is this calculation identical to the EBITDA used by our lenders to determine financial covenant compliance.
View original content to download multimedia:https://www.prnewswire.com/news-releases/matson-inc-announces-fourth-quarter-and-full-year-2025-results-provides-2026-outlook-302695334.htmlSOURCE Matson, Inc.
Original: MATSON, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS; PROVIDES 2026 OUTLOOK
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