HONOLULU, June 27,
2024 /PRNewswire/ -- The Board of Directors
of Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the
Pacific, has declared a third quarter dividend of $0.34 per common share. The dividend represents a
two-cent, or 6.3%, increase over the
previous quarter's dividend and will be paid on September 5, 2024 to all shareholders of record
as of the close of business on August 1,
2024.
"This announcement marks the twelfth consecutive annual increase
to Matson's quarterly dividend," said Matt
Cox, Matson's Chairman and Chief Executive Officer. "The
increase reflects the strength of our business and confidence in
our long-term free cash flow growth. As always, we remain committed
to the return of excess capital to shareholders through the
execution of share repurchases after funding our dividend,
supporting our operations with maintenance capital, and investing
in growth opportunities, while maintaining an investment grade
balance sheet."
About the Company
Founded 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, provides service to Okinawa, Japan and various islands in the
South Pacific, and operates an international export service from
ports in Alaska to Asia. The Company's fleet of owned and
chartered vessels includes containerships, combination container
and roll-on/roll-off ships and custom-designed barges. Matson
Logistics, established in 1987, extends the geographic reach of
Matson's transportation network throughout North America and Asia. Its integrated, asset-light 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.
Forward Looking Statements
Statements 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, that 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, statements about free cash
flow growth, capital allocation plans and the timing, manner and
volume of repurchases of common shares pursuant to the repurchase
program. 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 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.
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SOURCE Matson, Inc.