Matson, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total operating revenue reaching $3.42 billion, a 10.6% increase from $3.09 billion in 2023. The Ocean Transportation segment contributed $2.81 billion, up 13.4% from the previous year, while the Logistics segment saw a slight decline in revenue to $612.1 million from $617.6 million. The company's net income also rose sharply to $476.4 million, a 60.4% increase compared to $297.1 million in 2023, resulting in basic earnings per share of $14.14, up from $8.42.
The year 2024 saw Matson's operating income increase by 60.8% to $551.3 million, driven primarily by higher freight rates in the Ocean Transportation segment, particularly from China, and increased container volumes. However, the Logistics segment's operating income rose modestly to $50.4 million, reflecting a challenging environment for transportation brokerage services. The company also reported a loss of $1.0 million from its investment in SSA Terminals, LLC (SSAT), a significant drop from the income of $2.2 million in 2023, largely due to an impairment charge related to a terminal operating lease asset.
Strategically, Matson is advancing its fleet renewal program, with plans to construct three new Aloha Class vessels at an estimated cost of $1.0 billion, expected to be delivered between 2027 and 2028. This initiative aligns with the company's goal to reduce greenhouse gas emissions by 40% by 2030. Additionally, Matson completed the first phase of its terminal modernization program in Honolulu and is preparing for further expansions, which are anticipated to enhance operational efficiency and capacity.
Operationally, Matson's container volume in its Hawaii service decreased by 1.7% year-over-year, attributed to lower general demand, while volumes in China increased by 7.2% due to seasonal demand. The company employed 4,356 individuals as of December 31, 2024, a slight increase from the previous year, reflecting its ongoing commitment to workforce stability amid operational expansions. Looking ahead, Matson anticipates that its Ocean Transportation operating income for 2025 will be moderately lower than the $500.9 million achieved in 2024, contingent on various market factors, including geopolitical conditions and supply chain dynamics.
About Matson, Inc.
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