{"id":511117,"date":"2021-07-08T16:08:56","date_gmt":"2021-07-08T20:08:56","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/matson-announces-preliminary-2q21-results-provides-business-update-and-announces-2q21-earnings-call-date\/"},"modified":"2021-07-08T16:08:56","modified_gmt":"2021-07-08T20:08:56","slug":"matson-announces-preliminary-2q21-results-provides-business-update-and-announces-2q21-earnings-call-date","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/matson-announces-preliminary-2q21-results-provides-business-update-and-announces-2q21-earnings-call-date\/","title":{"rendered":"Matson Announces Preliminary 2Q21 Results, Provides Business Update And Announces 2Q21 Earnings Call Date"},"content":{"rendered":"
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– Expects 2Q21 operating income for Ocean Transportation to be $197.0 to $202.0 million vs. $42.3 million in 2Q20<\/h2>\n

– Expects 2Q21 operating income for Logistics to be $12.0 to $13.0 million vs. $8.9 million in 2Q20<\/h2>\n

– Expects 2Q21 net income and diluted EPS to be $156.9 to $163.6 million and $3.58 to $3.73, respectively<\/h2>\n

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

– Domestic tradelane volumes in 2Q21 well above pandemic low volumes in 2Q20; strong Hawaii volume as tourism and economy rebounds from pandemic lows<\/h2>\n

– Announces second quarter earnings call date on July 29, 2021<\/h2>\n

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

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\n HONOLULU<\/span>, July 8, 2021<\/span> \/PRNewswire\/ —\u00a0Matson, Inc. (“Matson” or the “Company”) (NYSE: MATX) today announces preliminary second quarter financial results, provides a business update and announces that its second quarter earnings call date will be held on July 29, 2021<\/span>.<\/p>\n

\n \"SF19690LOGO\"\n <\/div>\n

“Matson’s Ocean Transportation and Logistics businesses continued to perform well in the second quarter as the U.S. economy further recovers from the pandemic,” said Chairman and Chief Executive Officer Matt Cox<\/span>.\u00a0 “Within Ocean Transportation, our China<\/span> service continued to see significant demand for its expedited CLX and CLX+ ocean services as volume for e-commerce, garments and other goods remained elevated, and was the primary driver of the increase in consolidated operating income year-over-year.\u00a0 Currently in the Transpacific tradelane, supply chain congestion continues, and consumption trends remain elevated.\u00a0 We expect these conditions to remain in place and lead to a high level of demand at least until Lunar New Year in the first quarter of 2022.\u00a0 As a result of the exceptional level of demand for our expedited Transpacific services, we recently announced the initiation of our CCX service as a seasonal string with Matson-owned vessels from China<\/span> to the U.S. West Coast with Oakland as the first call.\u00a0 Consequently, we expect our vessels in the CLX, CLX+ and CCX to be operating at capacity at least until Lunar New Year next year.”\u00a0<\/p>\n

Mr. Cox added, “In our domestic ocean tradelanes, we continued to see strong demand as the local economies further reopen with meaningfully higher year-over-year volumes compared to the pandemic volume lows in the second quarter of last year.\u00a0 In Hawaii, we experienced elevated westbound freight demand as the state’s tourism and economy rebounded sharply from the pandemic lows.\u00a0 In Logistics, operating income increased year-over-year compared to the pandemic low operating income achieved in the year ago period as we continued to see elevated goods consumption and inventory restocking in addition to favorable supply and demand fundamentals in our core markets.\u00a0 As a result, Matson expects second quarter operating income for Ocean Transportation of $197.0<\/span> to $202.0 million<\/span> and Logistics operating income of $12.0<\/span> to $13.0 million<\/span>.\u00a0 We also expect second quarter 2021 net income and diluted EPS to be $156.9<\/span> to $163<\/span>.6\u00a0million and $3.58<\/span> to $3.73<\/span>, respectively.”<\/p>\n

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

For the three months ended June 30, 2021<\/span> compared to the three months ended June 30, 2020<\/span> and on a FEU basis:\u00a0 <\/p>\n