Matson (MATX) Misses Q2 EPS by 30c

Matson (NYSE: MATX) reported Q2 EPS of $0.43, $0.30 worse than the analyst estimate of $0.73. Revenue for the quarter came in at $524.1 million versus the consensus estimate of $572.99 million.

Matt Cox, Matson's Chairman and Chief Executive Officer, commented, "Matson's businesses performed well in the second quarter despite challenges from the COVID-19 pandemic and related economic effects. The operational and financial actions we have taken in the last few months have helped Matson through this difficult period and have led to opportunities. One such opportunity, the introduction of the additional CLX vessel charter sailings, principally drove the increase in consolidated operating income year-over-year. We will continue to offer this supplemental 'CLX+' service through the peak season and potentially longer as our customers' needs dictate.

Mr. Cox added, "Overall, our performance in the second quarter was led primarily by the strength in our China service, including chartered voyages in addition to our normal weekly vessels that sailed at capacity. Compared with our expectations in early May at the time of our last earnings call, we also had better-than-expected volume in our Hawaii tradelane as we carried a portion of Pasha's volume due in part to the dry-docking of one of its vessels, and we had better-than-expected volume in our Alaska tradelane as the local economy gradually reopened, leading to improved freight demand. We also made good progress on our previously-announced operational and cost management initiatives and now expect to exceed the high end of the $40 to $50 million range in operating results improvement announced on the May 5th earnings call. For the third quarter of 2020, we expect consolidated operating income, net income, diluted earnings per share and EBITDA to exceed the results achieved in the third quarter last year."

For earnings history and earnings-related data on Matson (MATX) click here.

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