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Montag, 01.08.2022 16:05 von | Aufrufe: 138

MATSON, INC. ANNOUNCES SECOND QUARTER 2022 RESULTS

Ein Arzt berät einen Patienten (Symbolbild). © TommL / Vetta / Getty Images https://www.gettyimages.de/

PR Newswire

  • 2Q22 EPS of $9.49
  • 2Q22 Net Income and EBITDA of $380.7 million and $536.0 million, respectively
  • Year-over-year increase in 2Q22 consolidated operating income driven by China service strength
  • Repurchased approximately 1.6 million shares in 2Q22

HONOLULU, Aug. 1, 2022 /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $380.7 million, or $9.49 per diluted share, for the quarter ended June 30, 2022.  Net income for the quarter ended June 30, 2021 was $162.5 million, or $3.71 per diluted share.  Consolidated revenue for the second quarter 2022 was $1,261.1 million compared with $874.9 million for the second quarter 2021.

"Matson performed well in the second quarter 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 by continued strength in the China service.  Currently in the Transpacific tradelane, we are seeing solid demand for our China service as China's factory production continues to recover from the COVID-19-related supply chain challenges.  However, in recent weeks we have seen a gradual decline in the Transpacific freight rate environment off the highs experienced earlier this year.  This indicates that rates have likely peaked for now, and, at this time, we expect an orderly marketplace for the remainder of the year with our vessels continuing to operate at or near capacity and earning a significant rate premium to the market because of our differentiated, fast ocean services.  To this end, we continue to expect to operate the CCX service through the October peak season this year."  

Mr. Cox added, "In our domestic ocean tradelanes, we saw continued strength in Alaska with higher year-over-year volume and softer volumes in Hawaii and Guam compared to 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 favorable supply and demand fundamentals in our core markets."

Second Quarter 2022 Discussion and Update on Business Conditions

Ocean Transportation:  The Company's container volume in the Hawaii service in the second quarter 2022 was 1.5 percent lower year-over-year.  The decrease was primarily due to lower retail-related demand.  During the quarter, we saw continued improvement in the Hawaii economy supported by strong domestic tourist arrivals and a modest improvement in international tourist trends.  In the near-term, we expect continued economic recovery in Hawaii from the pandemic supported by an improving unemployment rate and increasing tourism traffic, but there are negative trends from a combination of economic effects that create uncertainty in the economic growth trajectory.  The negative trends include weakening economic conditions in the U.S. and global economies and lower household discretionary income as a result of high inflation, higher interest rates and the end of the pandemic-era stimulus helping personal income.   

In China, the Company's container volume in the second quarter 2022 increased 11.7 percent year-over-year.  The increase was a result of four 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 second 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 solid demand for our China service as China's factory production continues to recover from the COVID-19-related supply chain challenges.  However, in recent weeks we have seen a gradual decline in the Transpacific freight rate environment off the highs experienced earlier this year.  This indicates that rates have likely peaked for now, and, at this time, we expect an orderly marketplace for the remainder of the year with our vessels continuing to operate at or near capacity and earning a significant rate premium to the market because of our differentiated, fast ocean services.  To this end, we continue to expect to operate the CCX service through the October peak season this year.


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In Guam, the Company's container volume in the second quarter 2022 decreased 7.0 percent year-over-year primarily due to lower retail-related demand.  In the near-term, we expect the Guam economy to continue to benefit from a recovery in tourism, but there are negative trends as a result of higher inflation, higher interest rates and the end of the pandemic-era stimulus helping personal income that creates uncertainty in the economic growth trajectory. 

In Alaska, the Company's container volume for the second quarter 2022 increased 12.2 percent year-over-year primarily due to (i) higher northbound volume primarily due to higher retail-related demand and an additional sailing and (ii) higher volume from Alaska-Asia Express ("AAX").  In the near-term, we expect the Alaska economy to benefit from the resumption of summer tourism and increased energy-related exploration and production activity as a result of elevated oil prices, but there are negative trends as a result of higher inflation, higher interest rates and the end of the pandemic-era stimulus helping personal income that creates uncertainty in the economic growth trajectory.

The contribution in the second quarter 2022 from the Company's SSAT joint venture investment was $24.7 million, or $11.9 million higher than the second quarter 2021.  The increase was primarily driven by higher other terminal revenue.

Logistics:  In the second quarter 2022, operating income for the Company's Logistics segment was $23.1 million, or $10.2 million higher compared to the level achieved in the second quarter 2021.  The increase was due primarily to higher contributions from all services as we continued to see favorable supply and demand fundamentals in our core markets.

Results By Segment


Ocean Transportation — Three months ended June 30, 2022 compared with 2021
















Three Months Ended June 30, 


(Dollars in millions)


2022


2021


Change


Ocean Transportation revenue


$

1,049.2


$

682.9


$

366.3


53.6

%

Operating costs and expenses



(579.2)



(481.9)



(97.3)


20.2

%

Operating income


$

470.0


$

201.0


$

269.0


133.8

%

Operating income margin



44.8

%


29.4

%



















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













Hawaii containers



39,200



39,800



(600)


(1.5)

%

Hawaii automobiles



10,600



12,700



(2,100)


(16.5)

%

Alaska containers



22,100



19,700



2,400


12.2

%

China containers



48,700



43,600



5,100


11.7

%

Guam containers



5,300



5,700



(400)


(7.0)

%

Other containers (2)



6,200



5,200



1,000


19.2

%

___________

(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 $366.3 million, or 53.6 percent, during the three months ended June 30, 2022, compared with the three months ended June 30, 2021.  The increase was primarily due to higher revenue in China and higher fuel-related surcharge revenue primarily due to higher energy prices.  The higher revenue in China was primarily due to considerably higher average freight rates and higher volume. 

On a year-over-year FEU basis, Hawaii container volume decreased 1.5 percent primarily due to lower retail-related volume; Alaska volume increased 12.2 percent primarily due to (i) higher northbound volume primarily due to higher retail-related demand and an additional sailing and (ii) higher volume from AAX; China volume was 11.7 percent higher as a result of four more eastbound voyages than the prior year; Guam volume was 7.0 percent lower primarily due to lower retail-related demand; and Other containers volume increased 19.2 percent primarily due to the addition of China-Auckland Express volume in the South Pacific.

Ocean Transportation operating income increased $269.0 million during the three months ended June 30, 2022, compared with the three months ended June 30, 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 fuel-related expenses, net of fuel-related surcharge recovery, and higher operating costs and expenses primarily due to the CLX+ and CCX services.

The Company's SSAT terminal joint venture investment contributed $24.7 million during the three months ended June 30, 2022, compared to a contribution of $12.8 million during the three months ended June 30, 2021.  The increase was primarily driven by higher other terminal revenue.

Ocean Transportation — Six months ended June 30, 2022 compared with 2021
















Six Months Ended June 30, 


(Dollars in millions)


2022

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