MATSON ANNOUNCES PRELIMINARY 3rd Quarter 2023 RESULTSMatson, Inc. ("Matson" or the "Company") (NYSE: MATX) announces preliminary third quarter
financial results and provides a business update.
"Matson's Ocean Transportation and Logistics business segments continued to perform well despite a challenging business environment and relatively difficult economic conditions impacting the U.S. consumer," said Chairman and Chief Executive Officer Matt Cox. "Within Ocean Transportation, our China service experienced solid freight demand despite the muted peak season in the Transpacific trade lane but generated lower year-over-year volume and freight rates, which were the primary contributors to the year-over-year decline in our consolidated operating income.
Currently in the Transpacific market place, we continue to see a reduction of deployed capacity in light of lower volumes as a result of lower consumer demand for retail goods. Absent an economic 'hard landing' in the U.S., we expect trade dynamics in 2024 to be comparable to 2023as consumer-related spending activity is expected to remain stable. Regardless of the economic backdrop, we expect to continue to earn a significant rate premium to the Shanghai Containerized Freight Index reflecting our fast and reliable ocean services and unmatched destination services."
