Matson (MATX) Tops Q1 EPS by 36c, Revenues Beat

Matson (NYSE: MATX) reported Q1 EPS of $1.99, $0.36 better than the analyst estimate of $1.63. Revenue for the quarter came in at $711.8 million versus the consensus estimate of $661.35 million.

"Matson is off to a strong start to 2021 with continued solid performance in both Ocean Transportation and Logistics," said Chairman and Chief Executive Officer Matt Cox. "Within Ocean Transportation, our China service continued to see significant demand for its CLX and CLX+ expedited ocean services as volume for e-commerce and other high demand goods remained elevated, which resulted in very strong pre- and post-Lunar New Year volumes. Our financial performance in the China service was the primary driver of the increase in consolidated operating income year-over-year. Currently, significant supply chain congestion continues, particularly at the California ports, and these conditions will most likely persist through the second quarter and into the traditional peak season. We also expect demand in the Transpacific tradelane to remain favorable as elevated consumption trends, including heightened e-commerce activity, are expected to continue beyond the second quarter. Consequently, we expect significant demand for our expedited CLX and CLX+ services to remain throughout the peak season into late October."

Mr. Cox added, "In our other core tradelanes, we continued to see steady demand for sustenance and home improvement goods with higher year-over-year volumes. Logistics operating income increased year-over-year as a result of continued elevated goods consumption and inventory restocking in addition to favorable supply and demand fundamentals in our core markets."

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

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