Matson (MATX) Q1 2025 earnings summary

Executive summary

• Q1 2025 net income rose 100.3% year-over-year to $72.3 million, with EPS at $2.18, driven by higher China freight rates, healthy post-Lunar New Year demand, and improved SSAT joint venture results.

• Consolidated revenue increased 8.3% to $782.0 million, with operating income up 122.5% to $82.1 million and EBITDA at $131.7 million.

• Hawaii and Alaska saw higher volumes, while Guam and China volumes declined; logistics operating income fell due to weaker freight forwarding and brokerage.

• The 2025 outlook was lowered due to uncertainty around tariffs, global trade, regulatory measures, and macroeconomic/geopolitical factors.

• Approximately 0.5 million shares were repurchased for $69.2 million; a $0.34/share dividend was declared.

Financial highlights

• Q1 2025 operating income was $82.1 million, up 122.5% year-over-year; net income was $72.3 million, up 100.3%; diluted EPS was $2.18, up 109.6%.

• Ocean Transportation revenue grew 10.1% to $637.4 million, with operating income up 166.7% to $73.6 million; Logistics revenue rose 1.0% to $144.6 million, but operating income fell 8.6% to $8.5 million.

• Interest income was $9.4 million, interest expense declined to $1.7 million due to lower debt.

• Cash and cash equivalents at quarter-end were $122.0 million, down from $266.8 million at year-end 2024.

• Diluted weighted average shares outstanding decreased 4% year-over-year.

Outlook and guidance

• Q2 and full-year 2025 consolidated, Ocean Transportation, and Logistics operating income expected to be meaningfully lower than 2024 due to lower China volumes/rates and ongoing trade/tariff uncertainty.

• Depreciation/amortization projected at $200 million, interest income $31 million, interest expense $7 million, effective tax rate ~23%.

• Maintenance CapEx guidance for 2025 is $100–$120 million; new vessel CapEx $305 million; $40 million for dry-docking.

• Lowered guidance reflects uncertainty in tariffs, global trade, and U.S. economic trajectory.