{"id":477156,"date":"2021-04-15T16:08:56","date_gmt":"2021-04-15T20:08:56","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/matson-announces-preliminary-1q21-results-provides-business-update-and-announces-1q21-earnings-call-date\/"},"modified":"2021-04-15T16:08:56","modified_gmt":"2021-04-15T20:08:56","slug":"matson-announces-preliminary-1q21-results-provides-business-update-and-announces-1q21-earnings-call-date","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/matson-announces-preliminary-1q21-results-provides-business-update-and-announces-1q21-earnings-call-date\/","title":{"rendered":"Matson Announces Preliminary 1Q21 Results, Provides Business Update And Announces 1Q21 Earnings Call Date"},"content":{"rendered":"
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— Expects 1Q21 operating income for Ocean Transportation to be $110.0 to $115.0 million vs. $7.9 million in 1Q20<\/h2>\n

— Expects 1Q21 operating income for Logistics to be approximately $6.0 million vs. $5.1 million in 1Q20<\/h2>\n

— Expects 1Q21 net income and diluted EPS to be $80.0 to $85.0 million and $1.83 to $1.93, respectively<\/h2>\n

— Year-over-year increase in consolidated operating income driven primarily by China service strength<\/h2>\n

— Announces first quarter earnings call date on April 27, 2021<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n HONOLULU<\/span>, April 15, 2021<\/span> \/PRNewswire\/ —\u00a0Matson, Inc. (NYSE: MATX) today announces preliminary first quarter financial results, provides a business update and announces that its first quarter earnings call date will be held on April\u00a027, 2021.<\/p>\n

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“Matson is off to a strong start to 2021 with continued solid performance in both Ocean Transportation and Logistics,” said Chairman and Chief Executive Officer Matt Cox<\/span>.\u00a0 “Within Ocean Transportation, our China<\/span> service continued to see significant demand for its CLX and CLX+ expedited ocean services as volume for e-commerce and other high demand goods remained elevated, which resulted in very strong pre- and post-Lunar New Year volumes.\u00a0 Our financial performance in the China<\/span> service was the primary driver of the increase in consolidated operating income year-over-year.\u00a0 Currently, significant supply chain congestion continues, particularly at the California<\/span> ports, and these conditions will most likely persist through the second quarter and into the traditional peak season.\u00a0 We also expect demand in the Transpacific tradelane to remain favorable as elevated consumption trends, including heightened e-commerce activity, are expected to continue beyond the second quarter.\u00a0 Consequently, we expect significant demand for our expedited CLX and CLX+ services to remain throughout the peak season into late October.” \u00a0\u00a0<\/p>\n

Mr. Cox added, “In our other core tradelanes, we continued to see steady demand for sustenance and home improvement goods with higher year-over-year volumes.\u00a0 Logistics operating income increased year-over-year as a result of continued elevated goods consumption and inventory restocking in addition to favorable supply and demand fundamentals in our core markets.\u00a0 As a result, Matson expects first quarter operating income for Ocean Transportation of $110.0<\/span> to $115.0 million<\/span> and Logistics operating income of approximately $6.0 million<\/span>.\u00a0 We also expect first quarter 2021 net income and diluted EPS to be $80.0<\/span> to $85.0 million<\/span> and $1.83<\/span> to $1.93<\/span>, respectively.”<\/p>\n

\n First Quarter Tradelane Volume (Forty-foot equivalent units (FEU)) (1)(2):<\/b>\n <\/p>\n

For the three months ended March 31, 2021<\/span> compared to the three months ended March 31, 2020<\/span> and on a FEU basis:\u00a0 <\/p>\n