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20.02.2018 22:05
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Matson, Inc. Announces Fourth Quarter And Full Year 2017 Results, And Provides 2018 Outlook
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PR Newswire
HONOLULU, Feb. 20, 2018
HONOLULU, Feb. 20, 2018 /PRNewswire/ --
- 4Q17 EPS of $3.90, including a one-time, non-cash benefit from the Tax Cuts and Jobs Act of $3.62
- 4Q17 Adjusted EPS of $0.28, excluding the benefit from the Tax Cuts and Jobs Act
- Full Year 2017 EPS of $5.37, including a one-time, non-cash benefit from the Tax Cuts and Jobs Act of $3.59
- Full Year 2017 Adjusted EPS of $1.78, excluding the benefit from the Tax Cuts and Jobs Act
- Full Year 2017 Net Income and EBITDA were $232.0 million and $296.0 million, respectively
- 2018 Operating Income is expected to approximate the 2017 level
Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $166.9 million, or $3.90 per diluted share, for the quarter ended December 31, 2017. Net income and earnings per share in the quarter benefitted by $155.0 million and $3.62 per diluted share, respectively, from a one-time, non-cash adjustment arising from the enactment of the Tax Cuts and Jobs Act (the "Tax Act"). Net income for the quarter ended December 31, 2016 was $20.0 million, or $0.46 per diluted share. Consolidated revenue for the fourth quarter 2017 was $516.1 million compared with $519.3 million reported for the fourth quarter 2016.
For the full year 2017, Matson reported net income of $232.0 million, or $5.37 per diluted share, compared with $81.4 million, or $1.87 per diluted share, in 2016. The net income and earnings per share benefit in the full year 2017 from the one-time, non-cash adjustment as a result of the Tax Act was $155.0 million and $3.59 per diluted share, respectively. Consolidated revenue for the full year 2017 was $2,046.9 million, compared with $1,941.6 million in the prior year.
Matt Cox, Matson's Chairman and Chief Executive Officer, commented, "Matson's core businesses performed well during the fourth quarter supported in particular by continued strong demand in our China service and higher lift volumes at SSAT. Overall, 2017 was a solid year for Matson. Operationally during the past year, we continued to advance our new Hawaii vessels and Sand Island crane program, which are expected to strengthen our market leading position and drive increased efficiency in the years ahead. We look forward to the arrival of the first of our four new vessels in the third quarter of this year."
Mr. Cox added, "For 2018, we expect to face continued competitive pressure in Guam and modestly lower volume in China coming off an exceptionally strong year, offset by modest improvements in our other core businesses. As a result, we expect Matson's 2018 operating income to approximate the level achieved in 2017."
Fourth Quarter 2017 Discussion and Outlook for 2018
Ocean Transportation: The Hawaii economy experienced modest growth in the fourth quarter 2017; however, the Company's container volume was 11.1 percent lower year-over-year due primarily to an extra week in 2016 and lower construction-related volumes as the construction cycle in Oahu transitions from high-rise projects to the master planned community projects in West Oahu. The Company expects flat-to-modest volume growth in 2018, reflecting a growing Hawaii economy and stable market share.
In China, the Company's container volume in the fourth quarter 2017 was 14.3 percent lower year-over-year largely due to an additional week in 2016 as well as volume gains in the prior year period related to the Hanjin bankruptcy. The Company continued to realize a sizeable rate premium in the fourth quarter 2017 and achieved average freight rates moderately higher than the fourth quarter 2016. For 2018, the Company expects pricing to remain as favorable as 2017 and volume to be modestly lower compared to the levels achieved in 2017.
In Guam, as expected, the Company's container volume in the fourth quarter 2017 was lower on a year-over-year basis, the result of competitive losses to a U.S. flagged containership service that increased its service frequency to weekly in December 2016. For 2018, the Company expects a continued heightened competitive environment and lower volume when compared to levels achieved in 2017.
In Alaska, the Company's container volume for the fourth quarter 2017 was 10.1 percent lower year-over-year, primarily due to volume in the additional week in the prior year. For the full year 2018, we expect volume to approximate the level in 2017 with modest improvement in northbound volumes, offset by lower southbound seafood-related volume due to a moderation from the very strong seafood harvest levels in 2017.
As a result of the business outlook noted above, the Company expects full year 2018 Ocean Transportation operating income to approximate the level achieved in 2017. In the first quarter 2018, the Company expects Ocean Transportation operating income will be moderately higher than the level achieved in the first quarter 2017 primarily due to the timing of fuel surcharge collections.
Logistics: In the fourth quarter 2017, operating income for the Company's Logistics segment was roughly flat compared to the operating income achieved in the prior year period. For the full year 2018, the Company expects Logistics operating income to increase modestly compared to the level achieved in 2017. In the first quarter 2018, the Company expects operating income to approximate the level achieved in the first quarter 2017.
Depreciation and Amortization: For the full year 2018, the Company expects depreciation and amortization expense to be approximately $135 million, inclusive of dry-docking amortization of approximately $36 million.
EBITDA: The Company expects full year 2018 EBITDA to be lower than the $296.0 million achieved in 2017.
Interest Expense: The Company expects interest expense for the full year 2018 to be approximately $22 million.
Income Tax Expense: The Company's effective tax rate for the fourth quarter and full year 2017 was -738.7 percent and -85.3 percent, respectively. The fourth quarter and full year 2017 effective tax rates include the one-time, non-cash adjustment of $155.0 million as a result of the Tax Act. Excluding this tax adjustment, the effective tax rates for the fourth quarter and full year 2017 would have been 40.2 percent and 38.5 percent, respectively. For the full year 2018, the Company expects its effective tax rate to be approximately 28 percent, which is based on the Company's initial analysis of the Tax Act and is subject to change based on guidance issued by the Internal Revenue Service and the U.S. Department of the Treasury as well as clarifications of state tax law.
Capital and Vessel Dry-docking Expenditures: For the full year 2017, the Company made maintenance capital expenditure payments of $55.0 million, capitalized vessel construction expenditures of $252.0 million, and dry-docking payments of $54.6 million. For the full year 2018, the Company expects to make maintenance capital expenditure payments of approximately $68 million, vessel construction expenditures (inclusive of capitalized interest and owner's items) of approximately $436 million, and dry-docking payments of approximately $18 million.
Results By Segment
Ocean Transportation — Three months ended December 31, 2017 compared with 2016
| | | Three Months Ended December 31, | | |||||||||
| (Dollars in millions) | | 2017 | | 2016 (3) | | Change | | |||||
| Ocean Transportation revenue | | $ | 389.9 | | $ | 406.1 | | $ | (16.2) | | (4.0) | % |
| Operating costs and expenses | | | (369.2) | | | (373.5) | | | 4.3 | | (1.2) | % |
| Operating income | | $ | 20.7 | | $ | 32.6 | | $ | (11.9) | | (36.5) | % |
| Operating income margin | | | 5.3 | % | | 8.0 | % | | | | | |
| | | | | | | | | | | | | |
| Volume (Forty-foot equivalent units (FEU), except for automobiles) (1) | | | | | | | | | | | | |
| Hawaii containers | | | 36,900 | | | 41,500 | | | (4,600) | | (11.1) | % |
| Hawaii automobiles | | | 19,300 | | | 19,000 | | | 300 | | 1.6 | % |
| Alaska containers | | | 14,300 | | | 15,900 | | | (1,600) | | (10.1) | % |
| China containers | | | 15,600 | | | 18,200 | | | (2,600) | | (14.3) | % |
| Guam containers | | | 4,700 | | | 6,500 | | | (1,800) | | (27.7) | % |
| Other containers (2) | | | 3,800 | | | 3,600 | | | 200 | | 5.6 | % |
| | | | | | | | | | | |
| (1) | Approximate volumes 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 services in various islands in Micronesia and the South Pacific, and in Okinawa, Japan. | |||||||||
| (3) | 2016 includes the benefit of a 53rd week. | |||||||||
Ocean Transportation revenue declined $16.2 million, or 4.0 percent, during the three months ended December 31, 2017, compared with the three months ended December 31, 2016. This decrease was primarily due to lower volumes across the tradelanes as a result of one less week versus the prior year, lower volumes in Guam due to competitive losses and lower construction-related volumes in Hawaii, partially offset by higher fuel surcharge revenue and higher average freight rates in China and Hawaii.
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