Matson Q3 Profit Climbs to $209M as China Freight Rates Rise

Matson, Inc. reported net income of $209.4 million, or $6.96 per diluted share, for the quarter ended Sept. 30, up from $134.7 million, or $4.24 a share, a year earlier, the Honolulu ocean carrier said in a release dated Nov. 4.

• Net income: $209.4 million, or $6.96 diluted EPS, vs. $134.7 million / $4.24
• Consolidated revenue: $1.1135 billion, vs. $880.1 million
• Consolidated operating income: $255.2 million, vs. $161.0 million
• EBITDA: $310.6 million, vs. $212.3 million
• Ocean Transportation operating income: $239.1 million, vs. $147.4 million
• Logistics operating income: $16.1 million, vs. $13.6 million

Chairman and Chief Executive Officer Matt Cox said the China service performed well, with speed and reliability differentiating Matson amid pressure on global shipping networks and congestion at key Asia ports. Strong demand and elevated freight rates in that trade drove a substantial year-over-year increase in Ocean Transportation operating income compared with last year’s muted peak season, he said.

China volumes and fourth-quarter guide

China service container volume rose 16.0% year over year in the third quarter. Hawaii volume was down 0.3%, Alaska down 4.8% on lower southbound seafood and an extra northbound sailing a year earlier, and Guam up 4.3%. Ocean Transportation revenue was $891.3 million, up 24.1%.

Matson said it expects Ocean Transportation operating income in the fourth quarter of 2026 to be about 50% higher than the $136.0 million posted in the fourth quarter of 2025, and Logistics operating income to be modestly higher than $7.7 million a year earlier. Taken together, consolidated operating income in the fourth quarter is expected to be about 50% higher than the $143.7 million recorded in the fourth quarter of 2025.

Buybacks, cash and CapEx

The company repurchased about 0.3 million shares in the third quarter for a total cost of $59.8 million, leaving about 3.1 million shares under its repurchase authorization as of Sept. 30. Cash and cash equivalents were $221.9 million at quarter-end, up from $141.9 million at year-end 2025, and available revolving credit borrowings stood at $544.2 million. Total debt before deferred loan fees was $331.2 million.

Matson expects full-year 2026 capital expenditure payments of about $130 million excluding vessel construction, about $375 million of vessel construction expenditures including capitalized interest and owner’s items, and about $45 million of dry-docking payments. Its board declared a $0.38 per-share dividend payable Dec. 3 to holders of record Nov. 5.

Sources: Matson via PR Newswire, Nasdaq company release