Matson, Inc. reported a significant increase in financial performance for the first quarter of 2025, with net income rising to $72.3 million, compared to $36.1 million in the same period last year. This translates to a basic earnings per share of $2.20, up from $1.05 in the prior year. The company's operating revenue also saw an increase of 8.3%, reaching $782.0 million, driven primarily by higher freight rates in its Ocean Transportation segment, which generated $637.4 million in revenue, a 10.1% increase from $579.0 million in the previous year.
The company's financial position showed some changes compared to the previous fiscal period. Total assets decreased to $4.53 billion from $4.60 billion, largely due to a reduction in cash and cash equivalents, which fell to $122.0 million from $266.8 million. Current liabilities also decreased slightly, while long-term liabilities saw a reduction from $1.38 billion to $1.35 billion. The company's shareholders' equity decreased to $2.63 billion from $2.65 billion, reflecting a combination of net income and share repurchases.
Operationally, Matson's container volume in its Hawaii service increased by 3.2% year-over-year, attributed to the dry-docking of a competitor's vessel. However, container volume in Guam decreased by 14.3%, primarily due to lower demand from retail and food and beverage sectors. The company also reported a 4.8% increase in container volume for Alaska, while volume from China decreased by 1.4%. The contribution from the company's joint venture, SSA Terminals (SSAT), was $6.6 million, significantly higher than the $0.4 million reported in the previous year, reflecting increased lift volume.
Looking ahead, Matson anticipates challenges in the second quarter of 2025, with expectations for lower container volumes and average freight rates due to ongoing uncertainties regarding tariffs and global trade conditions. The company expects Ocean Transportation operating income for the full year to be lower than the previous year, influenced by macroeconomic factors and regulatory measures. Additionally, the Logistics segment is projected to face a decline in operating income due to a challenging environment across its business lines. Overall, Matson's management remains cautious about the economic landscape and its potential impact on future performance.
About Matson, Inc.
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