MATX · Matson, Inc.

Summary

First quarter results declined year-over-year due to lower China service volume and SSAT lift, though operating cash flow improved and management expects a stronger second quarter.

Key takeaways

• Revenue decreased 3.1% to $757.8M, driven by lower volume in the China service due to a more traditional Lunar New Year freight cycle.
• Operating income fell 25.2% to $61.4M, primarily due to lower contribution from the China service and supply chain management.
• Net income declined 21.7% to $56.6M, and diluted EPS decreased 15.1% to $1.85.
• Net cash provided by operating activities increased to $94.0M from $89.0M in the prior year period.
• The decrease in income from SSAT was primarily due to lower lift volume during the quarter.
• Management expects higher volume in the second quarter 2026 compared to the prior year period, which included a market decline in Transpacific demand due to tariffs imposed in April 2025.