Matson reports Q3 EPS $5.89 vs. $3.40 last year

Reports Q3 revenue $962.0M vs. $827.5M last year. “Matson (MATX) had a very strong Q3 that exceeded our expectations with higher year-over-year operating income in both Ocean Transportation and Logistics segments…A resilient U.S. economy and a stable consumer demand environment coupled with tighter supply chain conditions supported these elevated freight rates. In the near term, we expect freight rates to moderate with normal seasonality, but remain elevated as long as the underlying economic, supply chain, and geopolitical conditions persist…Looking ahead, we expect our China service freight rates in Q4 to be significantly higher than the levels achieved in the year ago period, but lower than the average rates achieved in the third quarter as the peak season demand eases…For Ocean Transportation in Q4 2024, we expect operating income to be meaningfully higher than the $66.4M achieved in Q4 2023. For Logistics, we expect operating income in Q4 2024 to be modestly higher than the level achieved last year. As a result, we now expect Matson’s consolidated Q4 2024 operating income to be meaningfully higher than the $75.3M achieved in the Q4 2023″.