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Dienstag, 03.05.2022 16:05 von | Aufrufe: 128

MATSON, INC. ANNOUNCES FIRST QUARTER 2022 RESULTS

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  • 1Q22 EPS of $8.23
  • 1Q22 Net Income and EBITDA of $339.2 million and $476.4 million, respectively
  • Year-over-year increase in 1Q22 consolidated operating income driven primarily by China service strength
  • Repurchased approximately 0.7 million shares in 1Q22

HONOLULU, May 3, 2022 /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $339.2 million, or $8.23 per diluted share, for the quarter ended March 31, 2022.  Net income for the quarter ended March 31, 2021 was $87.2 million, or $1.99 per diluted share.  Consolidated revenue for the first quarter 2022 was $1,165.5 million compared with $711.8 million for the first quarter 2021.

"Matson is off to a solid start in 2022 with higher year-over-year operating income in both Ocean Transportation and Logistics," said Chairman and Chief Executive Officer Matt Cox.  "Within Ocean Transportation, our China service continued to see significant demand for its expedited ocean services as volume for e-commerce, garments and other goods remained elevated.  The increase in consolidated operating income year-over-year was driven primarily by continued strength in the China service.  Currently in the Transpacific tradelane, we are seeing supply chain challenges in China, primarily due to actions to mitigate the spread of COVID-19, as well as continued supply chain constraints and congestion on the U.S. West Coast, elevated consumption trends, and inventory restocking.  Despite the near-term uncertainty presented by the supply chain challenges in China, we expect a combination of the current supply and demand factors to remain largely in place through at least the October peak season and continue to expect elevated demand for our China service for most of this year."  

Mr. Cox added, "In our domestic ocean tradelanes, we continued to see steady demand with higher year-over-year volumes in Alaska and Guam, and demand in Hawaii comparable to the level achieved in the year ago period.  In Logistics, operating income increased year-over-year with strength across all of the business lines as we continued to see elevated goods consumption, inventory restocking and favorable supply and demand fundamentals in our core markets."

First Quarter 2022 Discussion and Update on Business Conditions

Ocean Transportation:  The Company's container volume in the Hawaii service in the first quarter 2022 was 0.6 percent lower year-over-year.  The decrease was primarily due to lower eastbound volume.  During the quarter, we continued to see elevated hospitality-related demand as a result of strong domestic tourist arrivals and modest improvement in international visitor traffic.  In the near-term, we are cautiously optimistic on further economic recovery in Hawaii in 2022.  The positive trends include further improvement in the unemployment rate and increasing tourism traffic, including meaningful international visitor traffic later in the year, but incremental waves of COVID-19 variants present the possibility of further economic slowdowns and the loss of federal stimulus coupled with inflation and higher interest rates may impact discretionary income.   

In China, the Company's container volume in the first quarter 2022 increased 13.4 percent year-over-year.  The increase was a result of five more eastbound voyages than the prior year.  Volume demand in the quarter was driven by e‑commerce, garments and other goods.  Matson continued to realize a significant rate premium over the Shanghai Containerized Freight Index in the first quarter 2022 and achieved average freight rates that were considerably higher than in the year ago period.  Currently in the Transpacific tradelane, we are seeing supply chain challenges in China, primarily due to actions to mitigate the spread of COVID-19, as well as continued supply chain constraints and congestion on the U.S. West Coast, elevated consumption trends, and inventory restocking.  Despite the near-term uncertainty presented by the supply chain challenges in China, we expect a combination of the current supply and demand factors to remain largely in place through at least the October peak season and continue to expect elevated demand for our China service for most of this year.


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In Guam, the Company's container volume in the first quarter 2022 increased 10.0 percent year-over-year primarily due to higher retail-related demand.  In the near-term, we are cautiously optimistic on further economic growth in Guam as tourism traffic improves as the year progresses.

In Alaska, the Company's container volume for the first quarter 2022 increased 20.2 percent year-over-year primarily due to (i) the increase in volume from the Alaska-Asia Express ("AAX"), (ii) higher northbound volume primarily due to higher retail-related demand and volume related to a competitor's dry-docking and (iii) higher southbound volume primarily due to higher seafood volume.  In the near-term, we expect improving economic trends in Alaska, but the recovery's trajectory continues to remain uncertain.

The contribution in the first quarter 2022 from the Company's SSAT joint venture investment was $34.0 million, or $24.8 million higher than the first quarter 2021.  The increase was primarily driven by higher other terminal revenue.

Logistics:  In the first quarter 2022, operating income for the Company's Logistics segment was $16.4 million, or $10.3 million higher compared to the level achieved in the first quarter 2021.  The increase was due primarily to higher contributions from all services as we continued to see elevated goods consumption, inventory restocking and favorable supply and demand fundamentals in our core markets.

Results By Segment

Ocean Transportation — Three months ended March 31, 2022 compared with 2021
















Three Months Ended March 31, 


(Dollars in millions)


2022


2021


Change


Ocean Transportation revenue


$

943.9


$

560.5


$

383.4


68.4

%

Operating costs and expenses



(527.7)



(446.4)



(81.3)


18.2

%

Operating income


$

416.2


$

114.1


$

302.1


264.8

%

Operating income margin



44.1

%


20.4

%



















Volume (Forty-foot equivalent units (FEU), except for automobiles) (1)













     Hawaii containers



35,500



35,700



(200)


(0.6)

%

     Hawaii automobiles



8,600



10,700



(2,100)


(19.6)

%

     Alaska containers



20,800



17,300



3,500


20.2

%

     China containers



46,600



41,100



5,500


13.4

%

     Guam containers



5,500



5,000



500


10.0

%

     Other containers (2)



5,300



4,000



1,300


32.5

%



(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 Okinawa, Japan.

Ocean Transportation revenue increased $383.4 million, or 68.4 percent, during the three months ended March 31, 2022, compared with the three months ended March 31, 2021.  The increase was primarily due to higher revenue in China, higher fuel-related surcharge revenue, and higher revenue in Alaska.  The higher revenue in China was primarily due to considerably higher average freight rates and higher volume.  The higher revenue in Alaska was primarily the result of higher volume.

On a year-over-year FEU basis, Hawaii container volume decreased 0.6 percent primarily due to lower eastbound volume; Alaska volume increased 20.2 percent primarily due to (i) the increase in volume from AAX, (ii) higher northbound volume primarily due to higher retail-related demand and volume related to a competitor's dry-docking, and (iii) higher southbound volume primarily due to higher seafood volume; China volume was 13.4 percent higher as a result of five more eastbound voyages than the prior year; Guam volume was 10.0 percent higher primarily due to higher retail-related demand; and Other containers volume increased 32.5 percent primarily due to the addition of China-Auckland Express volume in the South Pacific.

Ocean Transportation operating income increased $302.1 million during the three months ended March 31, 2022, compared with the three months ended March 31, 2021.  The increase was primarily due to considerably higher average freight rates and higher volume in China and a higher contribution from SSAT, partially offset by higher operating costs and expenses primarily due to the CCX and CLX+ services and the timing of fuel-related surcharge recovery.

The Company's SSAT terminal joint venture investment contributed $34.0 million during the three months ended March 31, 2022, compared to a contribution of $9.2 million during the three months ended March 31, 2021.  The increase was primarily driven by higher other terminal revenue.

Logistics — Three months ended March 31, 2022 compared with 2021
















Three Months Ended March 31, 


(Dollars in millions)


2022


2021


Change

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