Last $27.40 USD
Change Today -0.07 / -0.25%
Volume 121.5K
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As of 8:04 PM 09/12/14 All times are local (Market data is delayed by at least 15 minutes).

matson inc (MATX) Key Developments

Matson, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Second Half and Full Year of 2014

Matson, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, total operating revenue was $436.4 million against $416.6 million last year. Operating income was $35.7 million against $36.5 million last year. Income before income taxes was $31.2 million against $32.9 million last year. Net income was $18.1 million or $0.42 per basic and diluted share for the quarter ended June 30, 2014, compared with $20.1 million or $0.47 per basic and diluted share in 2013. EBITDA was $53.1 million against $53.8 million last year. Maintenance capital expenditures for the second quarter 2014 totaled $15.3 million compared with $3.5 million in 2013. For the six months ended June 30, 2014, Matson reported net income of $21.5 million, or $0.50 per basic and diluted share compared with $29.2 million or $0.68 per basic and diluted share in 2013. Consolidated revenue was $828.9 million, compared with $811.3 million in 2013. Operating income was $45.6 million against $55.2 million last year. Income before income taxes was $37.0 million against $47.9 million last year. Net debt was $156.2 million. EBITDA was $80.4 million against $89.8 million last year. The company spent $37.2 million on maintenance CapEx. As the company looks to the balance of 2014, it expects overall results to exceed the results achieved in the second half of 2013. In the second half 2014, the company expects ocean transportation operating income to significantly increase from the level achieved in the second half of 2013, which was $51.4 million (exclusive of a $9.95 million litigation charge). In Logistics, in the second half of 2014, the company expects operating income to be near or slightly higher than comparable 2013 levels of $3.6 million, and therefore expects operating income to modestly exceed the full year 2013 level of $6.0 million. The company expects continuing improvement in volume growth, expense control and warehouse operations. For the full year 2014, ocean transportation operating income is expected to be near or slightly above the level achieved in 2013, which was $104.3 million (exclusive of the $9.95 million litigation charge). This outlook excludes any future impact from the September 2013 molasses incident. The company expects its interest expense in 2014 to increase over the 2013 amount by approximately $3.5 million due primarily to the notes financing transaction that closed on January 28, 2014. The company expects effective tax rate to be approximately 40%. The company expects maintenance capital expenditures for 2014 to be approximately $40.0 million.

Matson, Inc. to Report Q2, 2014 Results on Jul 31, 2014

Matson, Inc. announced that they will report Q2, 2014 results at 9:00 PM, GMT Standard Time on Jul 31, 2014

Matson, Inc., Q2 2014 Earnings Call, Jul 31, 2014

Matson, Inc., Q2 2014 Earnings Call, Jul 31, 2014

Matson, Inc. Declares Quarterly Dividend, Payable on September 4, 2014

The Board of Directors of Matson, Inc. declared a third quarter dividend of $0.17 per common share. The dividend represents a one-cent increase, or 6.25%, over the previous quarter's dividend and will be paid on September 4, 2014 to all shareholders of record as of the close of business on August 7, 2014.

Matson, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Year 2014

Matson, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net income of $3.4 million, or $0.08 per basic and diluted share against $9.1 million, or $0.21 per basic and diluted share a year ago. Consolidated revenue for the first quarter 2014 was $392.5 million compared with $394.7 million reported for the first quarter 2013. The company generated EBITDA of $27.3 million during the first quarter 2014 compared to $36.0 million in the first quarter 2013, a decrease of $8.7 million, or 24.2%, due primarily to the decrease in ocean transportation operating income. Maintenance capital expenditures for the first quarter 2014 totaled was $4.9 million compared with $6.3 million in the first quarter 2013. Operating income was $9.9 million against $18.7 million a year ago. Income before income taxes was $5.8 million against $15.0 million a year ago. Net debt was $153.9 million. For the full year 2014, the company operating income is expected to be near or slightly above levels achieved in 2013, which was $104.3 million (exclusive of a $9.95 million Litigation Charge). This outlook excludes any future impact from the September 2013 molasses incident. The company expects its interest expense in 2014 to increase over the 2013 amount by approximately $3.5 million due primarily to the notes financing transaction that closed on January 28, 2014. The company expects its 2014 effective tax rate to be approximately 38.5%. The company expects maintenance capital expenditures for 2014 to be approximately $40.0 million.

 

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