Matson Inc. · Q2 2021 earnings

Briefing

Second quarter results announced with significant increase in net income and revenue.

Matson, Inc. reported a significant increase in net income for Q2 2021, reaching $162.5 million compared to $32.8 million in Q2 2020. The increase was driven by strong performance in both Ocean Transportation and Logistics businesses, particularly the China service within Ocean Transportation. Consolidated revenue also increased to $874.9 million from $524.1 million in the same quarter last year.

• 2Q21 EPS reached $3.71, a substantial increase compared to $0.76 in 2Q20.
• Net income for 2Q21 was $162.5 million, significantly higher than the $32.8 million reported in 2Q20.
• EBITDA for 2Q21 was $254.3 million, compared to $86.2 million in 2Q20.
• Year-over-year increase in consolidated operating income was primarily driven by the strength of the China service.

Headline financials

Revenue & EPS history

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. As a result of the exceptional level of demand for our expedited Transpacific services, Matson recently announced the initiation of our CCX service as a seasonal string with Matson-owned vessels from China to the U.S. West Coast with Oakland as the first call. Consequently, we expect our vessels in the CLX, CLX+ and CCX services to be operating at capacity at least until Lunar New Year next year.