Call Start: 16:30 January 1, 0000 5:08 PM ET
Matson, Inc. (NYSE:MATX)
Q1 2024 Earnings Conference Call
April 30, 2024 16:30 ET
Company Participants
Justin Schoenberg – Director of Investor Relations
Matt Cox - Chairman & Chief Executive Officer
Joel Wine - Executive Vice President & Chief Financial Officer
Conference Call Participants
Jacob Lacks - Wolfe Research
Ben Nolan - Stifel
Operator
Good day and thank you for standing by. Welcome to the Matson’s First Quarter 2024 Financial Results Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded.
I would now like to hand the conference over to Justin Schoenberg, Director of Investor Relations. Please go ahead.
Justin Schoenberg
Thanks, Liz [ph]. Joining me on the call today are Matt Cox, Chairman and Chief Executive Officer; and Joel Wine, Executive Vice President and Chief Financial Officer. Slides from this presentation are available for download at our website, www.matson.com, under the Investors tab.
Before we begin, I would like to remind you that during the course of this call, we will make forward-looking statements within the meaning of the federal securities laws regarding expectations, predictions, projections or future events. We believe that our expectations and assumptions are reasonable. We caution you to consider the risk factors that could cause actual results to differ materially from those in the forward-looking statements in the press release, the presentation slides and this conference call. These risk factors are described in our press release and presentation and are more fully detailed under the caption Risk Factors on Pages 13 to 25 of our Form 10-K filed on February 23, 2024, and in our subsequent filings with the SEC. Please also note that the date of this conference call is April 30, 2024, and any forward-looking statements that we make today are based on assumptions as of this date. We undertake no obligation to update these forward-looking statements.
I will now turn the call over to Matt.
Matt Cox
Okay. Thanks, Justin, and thanks to those on the call. I’ll start on Slide 3. Matson is off to a solid start for the year with Ocean Transportation performing better than expected and Logistics meeting our expectations for the first quarter of 2024.
In Ocean Transportation, operating income was roughly flat year-over-year reflecting an improvement over our outlook provided in late February. Our China service experienced healthy demand coming out of a more traditional post-Lunar New Year period with higher year-over-year freight rates but with lower year-over-year volume. We have lower year-over-year volumes in Hawaii and Alaska. And in Guam, the volume was flat year-over-year.