Matson, Inc. (NYSE:MATX) Q3 2024 Earnings Conference Call October 30, 2024 4:30 PM ET

Company Participants

Justin Schoenberg - Investor Relations
Matthew Cox - Chairman and Chief Executive Officer
Joel Wine - Executive Vice President and Chief Financial Officer

Conference Call Participants

Daniel Imbro - Stephens
Jacob Lacks - Wolfe Research
Benjamin Nolan - Stifel

Operator

Good day, ladies and gentlemen, and welcome to the conference call to discuss Matson's Third Quarter 2024 Results. As a reminder, today's program is being recorded.

And I would now like to introduce your host for today's program, Mr. Justin Schoenberg. Please go ahead, sir.

Justin Schoenberg

Thank you. 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’ll 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 in the captioned 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 October 30, 2024 and any forward-looking statements that we make today are based on assumptions as of this date. We undertake no obligation to comment on these forward-looking statements.

I will now turn the call over to Matt.

Matthew Cox

Thanks, Justin and thanks to those on the call. Starting on slide three, Matson had a very strong third quarter that exceeded our expectations with higher year-over-year operating income in both Ocean Transportation and Logistics.

In Ocean Transportation, our China service saw significantly higher year-over-year freight rates and was the primary driver of the increase in consolidated operating income. For our domestic tradelanes, we saw higher year-over-year volume in Alaska, but lower year-over-year volume in Hawaii and Guam.

In Logistics, operating income increased year-over-year due to higher contributions from supply chain management and transportation brokerage services. As a result of our performance in the third quarter and the expected strength of our China service in the fourth quarter, we're raising our outlook for 2024. Joel will go into more detail on our updated outlook later in this presentation.