Matson reports Q2 EPS $2.92 vs. $3.31 last year

Reports Q2 revenue $675.6M vs. $689.9M last year. CEO Matt Cox commented, “Our Q2 financial performance exceeded our expectations amid the challenges of market uncertainty and volatility arising from tariffs and global trade. In Ocean Transportation, our operating income was lower year-over-year primarily due to lower year-over-year volume in our China service. At the onset of tariffs in April, our China service experienced significantly lower year-over-year freight demand, but starting in mid-May our Transpacific services saw a rebound in demand after the U.S. and China agreed to a temporary reduced level of tariffs. During the second quarter, we also moved with our customers as they shifted production throughout Asia in response to the tariffs, which resulted in higher container volume levels outside of China than the levels achieved in Q1…Looking ahead, we expect uncertainty regarding tariffs and global trade, regulatory measures, the trajectory of the U.S. economy and other geopolitical factors to continue. Assuming these factors do not materially change from current conditions, for the full year, we expect Ocean Transportation operating income to be higher than the guidance we provided in early May, but moderately lower than the level achieved in the prior year. We also expect Logistics full year operating income to be comparable to the level achieved in the prior year.”