en.Wedoany.com Reported - Matson, Inc. (NYSE: MATX) reported second quarter 2026 results, with net income of $129.4 million, or $4.27 diluted earnings per share, compared to net income of $94.7 million, or $2.92 diluted earnings per share, in the second quarter of 2025. Consolidated revenue for the second quarter was $969.4 million, up from $830.5 million in the year-ago period. EBITDA for the quarter was $211.0 million, compared to $163.6 million in the prior-year period; consolidated operating income was $158.9 million, compared to $113.0 million in the prior-year period.

Matt Cox, Matson's Chairman and Chief Executive Officer, stated that the second quarter results were strong, with the China service maintaining growth momentum following the Lunar New Year holiday. Against a backdrop of tight transpacific capacity supply, freight rates and demand for e-commerce, apparel, and electronics on the CLX and MAX services exceeded expectations. In domestic ocean transportation, Hawaii and Alaska volumes declined year-over-year, while Guam volumes increased year-over-year. Logistics segment operating income increased year-over-year, driven primarily by higher contributions from freight forwarding and truck brokerage operations, partially offset by a lower contribution from warehousing operations.

In ocean transportation, second quarter container volume in the Hawaii service decreased 1.1% year-over-year, primarily due to lower overall demand, though strong construction activity and modestly higher visitor arrivals provided economic support. China service volume increased 15.2% year-over-year, reflecting a low comparison base as the transpacific demand market declined in the prior-year period following tariffs implemented in April 2025. Guam service volume increased 4.4% year-over-year, while Alaska service volume decreased 2.3% year-over-year, primarily due to lower export seafood volume on the AAX service, partially offset by one additional northbound voyage. Other container volume decreased 11.4%. Ocean transportation revenue increased 13.6% year-over-year, or $91.8 million, primarily due to higher China service volume and freight rates; ocean transportation operating income increased 46.0% year-over-year, or $45.4 million, primarily due to higher contribution from the China service, partially offset by higher vessel operating costs. Income from the SSAT joint venture was $4.8 million, down from $7.3 million in the prior-year period, primarily due to lower crane volume and higher operating expenses. For the first half of the year, ocean transportation revenue increased 4.6% year-over-year, or $60.9 million; operating income increased 15.3% year-over-year, or $26.4 million. By service, first-half container volumes were as follows: Hawaii decreased 3.3%, Alaska decreased 2.2%, China increased 3.6%, Guam increased 2.3%, and other container volume decreased 7.7%.

The logistics segment reported second quarter operating income of $14.9 million, an increase of $0.5 million, or 3.5%, compared to the prior-year period; revenue increased 30.4% year-over-year, or $47.1 million, primarily due to higher revenue from truck brokerage operations. For the first half of the year, logistics revenue increased 18.0% year-over-year, or $53.8 million; operating income decreased $1.2 million, or 5.2%, primarily due to a lower contribution from warehousing operations, partially offset by a higher contribution from freight forwarding. The company expects logistics operating income for the third and fourth quarters of 2026 to be slightly above the prior-year period levels of $13.6 million and $7.7 million, respectively, and full-year logistics operating income to be above the 2025 full-year level of $44.2 million.

Regarding outlook, the company expects third quarter 2026 ocean transportation operating income to be approximately 45% higher than the third quarter 2025 level of $147.4 million; fourth quarter ocean transportation operating income is expected to be slightly below the fourth quarter 2025 level of $136.0 million. Full-year ocean transportation operating income is expected to be above the 2025 full-year level of $455.6 million. The company expects consolidated operating income for the third quarter to be approximately 45% higher than the prior-year period level, and full-year consolidated operating income to be above the 2025 full-year level. Matson expects the China service to be at or near full capacity during the peak season, with demand returning to more traditional seasonal patterns in the fourth quarter; in the fourth quarter of 2025, the transpacific market experienced elevated freight demand following the announcement of the U.S.-China trade and economic agreement on October 30, 2025. The company expects full-year 2026 volume to be higher than 2025 levels, with Hawaii service full-year volume approaching 2025 levels, Guam service full-year volume comparable to the prior year, and Alaska service full-year volume approaching prior-year levels. The company also expects full-year 2026 SSAT contribution to be below the 2025 full-year level of $32.5 million.

For full-year financial guidance, depreciation and amortization expense is expected to be approximately $205 million, including approximately $35 million of dry-docking amortization; interest income is expected to be approximately $18 million; net interest expense is expected to be approximately $6 million; other income, net is expected to be approximately $7 million; and the effective tax rate is expected to be approximately 21.0%. Capital expenditures (excluding vessel construction expenditures) are expected to be approximately $150 million to $170 million, vessel construction expenditures (including capitalized interest and owner's items) are expected to be approximately $400 million, and dry-docking expenditures are expected to be approximately $45 million.

Regarding capital allocation, Matson repurchased approximately 0.3 million shares of its common stock during the second quarter at a total cost of $67.8 million. In April, the company's Board of Directors approved an increase of 3.0 million shares to its share repurchase program and extended the program through December 31, 2029. As of June 30, approximately 3.4 million shares remained available under the repurchase program. The Board declared a cash dividend of $0.38 per share, payable on September 3, 2026, to shareholders of record as of the close of business on August 6, 2026. Cash and cash equivalents decreased to $119.3 million from $141.9 million at the end of 2025, with $345.8 million in cash and fixed-rate U.S. Treasury investments held in capital construction funds. Net cash provided by operating activities for the first half of the year was $231.6 million, compared to $194.6 million in the prior-year period. Total debt decreased by $19.9 million over six months to $341.3 million, of which $301.6 million was classified as long-term debt. As of June 30, $544.2 million was available for borrowing under the revolving credit facility.

Founded in 1882, Matson provides ocean freight transportation services to the island economies of Hawaii, Alaska, Guam, and Micronesia, and operates expedited services from China to Long Beach, California, services to Okinawa, Japan, and islands in the South Pacific, as well as international export services from Alaska to Asia. The company's owned and chartered vessels include containerships, combination container/roll-on roll-off ships, and barges. Matson Logistics, established in 1987, offers rail intermodal, highway truck brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska. The earnings conference call was held on August 3, 2026, at 4:30 p.m. Eastern Time, hosted by Matt Cox, Chairman and Chief Executive Officer, and Joel Wine, Executive Vice President and Chief Financial Officer. Call details and a replay are available on the company's website at www.matson.com under the Investor Relations section.