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 C ...

Group 1 - Smurfit Kappa Group Plc (SMFKY) has seen a 4.8% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - The company has a dividend yield of 3.7%, significantly higher than the industry average of 1.5% [1] - Matson, Inc. (MATX) has experienced a 6.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Matson, Inc. has a dividend yield of 1.1%, compared to the industry average of 0.0% [2] - Reliance, Inc. (RS) has seen a 1.5% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Reliance, Inc. has a dividend yield of 1.5%, which is higher than the industry average of 0.0% [3]

Company Overview - Matson, Inc. (NYSE: MATX) is a leading provider of ocean transportation and logistics services, founded in 1882 [2] - The company offers ocean freight transportation services to Hawaii, Alaska, Guam, and other island economies in Micronesia, as well as expedited services from China to Long Beach, California [2] - Matson's fleet includes containerships, combination container and roll-on/roll-off ships, and custom-designed barges [2] - Matson Logistics, established in 1987, provides integrated, asset-light logistics services across North America and Asia, including rail intermodal, highway brokerage, and supply chain management [2] Upcoming Events - Joel Wine, Executive Vice President and Chief Financial Officer of Matson, will attend the Wolfe Global Transportation & Industrials Conference on May 22, 2024, in New York [1] - The company will provide access to presentation slides on its website on the same day [1]

Investors might want to bet on Matson (MATX) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Indivi ...

Financial Performance - In the first quarter of 2024, the company's operating revenue increased by $17.3 million, or 2.5%, to $722.1 million compared to $704.8 million in the same period of 2023[101]. - The company's net income for the first quarter of 2024 was $36.1 million, reflecting an increase of $2.1 million, or 6.2%, from $34.0 million in the first quarter of 2023[101]. - Ocean Transportation revenue rose by $28.0 million, or 5.1%, to $579.0 million in the first quarter of 2024, driven by higher freight rates despite lower volumes in key markets[105]. - The Logistics segment's operating income for the first quarter of 2024 was $9.3 million, down $1.6 million from the first quarter of 2023, with expectations for continued challenges in transportation brokerage[94]. - Operating income for the Company fell by $1.6 million, or 14.7%, to $9.3 million, with an operating income margin of 6.5% for the three months ended March 31, 2024[110][112]. - The Company anticipates full year 2024 consolidated operating income to be modestly higher than $342.8 million achieved in 2023, with comparable seasonality expected[95]. Tax and Income - The effective tax rate for the first quarter of 2024 was 20.3%, down from 23.1% in the same quarter of 2023, benefiting from a foreign-derived intangible income deduction[104]. Volume and Demand - The company's container volume in Hawaii decreased by 1.7% year-over-year, while Alaska and China volumes fell by 5.1% and 4.0%, respectively, due to lower demand and seasonal factors[106]. - The contribution from the SSAT joint venture investment in the first quarter of 2024 was $0.4 million, an increase of $2.2 million compared to the first quarter of 2023, attributed to higher lift volumes[92]. Future Outlook - For the full year 2024, the company expects Ocean Transportation operating income to exceed $294.8 million achieved in 2023, with a moderately higher outlook for the second quarter[93]. - Capital expenditures for the full year 2024 are projected to be approximately $110 to $120 million, with additional vessel construction expenditures of around $75 million[100]. Cash Flow and Capital Management - Net cash provided by operating activities decreased by $60.1 million to $36.6 million for the three months ended March 31, 2024, compared to $96.7 million in the same period of 2023[114][115]. - The Company reported a working capital deficit of $18.5 million as of March 31, 2024, down from a surplus of $40.0 million at December 31, 2023[124]. - Total debt decreased by $10.1 million to $430.5 million as of March 31, 2024, primarily due to scheduled repayments of private placement term loans[122]. - Cash and cash equivalents decreased by $108.1 million to $25.9 million as of March 31, 2024, compared to $134.0 million at December 31, 2023[113]. - The Company had $644.2 million of remaining borrowing availability under the revolving credit facility as of March 31, 2024[123]. Shareholder Returns - The Company declared a cash dividend of $0.32 per share on April 25, 2024, payable on June 6, 2024[131]. - The first quarter 2023 cash dividend of $0.32 per share was paid on March 7, 2024[131]. - The Company repurchased approximately 0.4 million shares for a total cost of $48.9 million during the three months ended March 31, 2024[127]. Market Risk - There have been no material changes to the Company's market risk position since the last annual report[132].

Financial Data and Key Metrics Changes - For the first quarter, consolidated operating income decreased by $1.8 million year-over-year to $36.9 million, with Ocean Transportation declining by $0.2 million and Logistics declining by $1.6 million [9] - Net income increased by 6.2% year-over-year, and diluted earnings per share increased by 10.6% year-over-year [45] - Total debt at the end of the first quarter was $430.5 million, a reduction of $10.1 million from the end of the fourth quarter [46] Business Line Data and Key Metrics Changes - In Logistics, operating income declined year-over-year due to continued market softness in transportation brokerage, with operating income for the first quarter at $9.3 million, approximately $1.6 million lower than the previous year [3][22] - Ocean Transportation operating income was roughly flat year-over-year, reflecting an improvement over previous outlooks, with higher freight rates in China but lower volumes in Hawaii and Alaska [17] - The terminal joint venture, SSAT, increased its contribution by $2.2 million year-over-year to $0.4 million, primarily due to higher lift volumes [7] Market Data and Key Metrics Changes - Hawaii container volume for the first quarter decreased by 1.7% year-over-year due to lower general demand, while tourist arrivals remained comparable year-over-year despite the impact of last year's wildfires [4] - Matson's volume in China for the first quarter was 4% lower year-over-year, with lower volume for both CLX and MAX services, although average freight rates were higher [5] - In Alaska, container volume for the first quarter decreased by 5.1% year-over-year, primarily due to one less northbound sailing compared to last year [21] Company Strategy and Development Direction - The company expects to raise its full-year outlook for 2024, anticipating consolidated operating income to be modestly higher than the $342.8 million achieved in 2023, driven by Ocean Transportation [3] - The focus remains on improving demand for CLX and MAX services, with expectations for higher average freight rates compared to 2023 [20] - The company is committed to returning excess capital to shareholders through dividends and share repurchases, with approximately 10 million shares repurchased since the program's initiation [10] Management's Comments on Operating Environment and Future Outlook - Management noted a more traditional first quarter with a longer ramp-up period after the Lunar New Year, indicating a return to typical seasonality [27] - The Hawaii economy is projected to grow modestly in 2024, supported by low unemployment and increasing construction activity, although a cautious outlook is maintained due to tepid demand for consumer goods [19] - For 2024, the company expects trade demand dynamics across most trade lanes to be comparable to 2023, with stable consumer-related spending [25] Other Important Information - The company received a federal tax refund of $118.6 million related to its 2021 tax return, which is expected to be used for general corporate purposes [46] - Interest income for the quarter was $8.8 million, an increase of $0.6 million year-over-year due to higher interest rates [45] Q&A Session Summary Question: Is the sequential ramp from Q1 all volume or is there pricing involved? - Management indicated that the first quarter was a traditional ramp-up period, with higher freight rates than the previous year, suggesting a mix of volume and pricing [27][28] Question: Are there opportunities for inorganic activity in the current environment? - Management noted an uptick in sellers exploring the market, but high expectations for multiples make it challenging to find suitable opportunities [65] Question: How is the company utilizing LNG as a bunker fuel? - Management confirmed that LNG is being used successfully, with no significant cost advantage or penalty observed, and it is seen as a cleaner burning fuel [67]

Matson (MATX) came out with quarterly earnings of $1.04 per share, beating the Zacks Consensus Estimate of $0.99 per share. This compares to earnings of $0.94 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.05%. A quarter ago, it was expected that this ocean transportation and logistics services company would post earnings of $1.75 per share when it actually produced earnings of $1.78, delivering a surprise of 1.71%.Over the ...

Exhibit 99.1 Investor Relations inquiries: News Media inquiries: Justin Schoenberg Keoni Wagner Matson, Inc. Matson, Inc. 510.628.4234 510.628.4534 jschoenberg@matson.com kwagner@matson.com FOR IMMEDIATE RELEASE MATSON, INC. ANNOUNCES FIRST QUARTER 2024 RESULTS HONOLULU, Hawaii (April 30, 2024) – Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $36.1 million, or $1.04 per diluted share, for the quarter ended March 31, 2024. Net income ...

HONOLULU, April 25, 2024 /PRNewswire/ -- The Board of Directors of Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the Pacific, today declared a second quarter dividend of $0.32 per common share.  The dividend will be paid on June 6, 2024 to all shareholders of record as of the close of business on May 9, 2024.   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 se ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-34187 Matson, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer inc ...