What is Matson's latest dividend and current dividend yield?

Did Matson beat or miss consensus estimates last quarter?

What is Matson's gross profit margin?

What is the market's earnings forecast for Matson next quarter?

What guidance did Matson's management provide for the next earnings period?

What were the key takeaways from Matson's earnings call?

What factors drove the changes in Matson's revenue and profit?

What were the key takeaways from Matson’s earnings call?

- **Q3 2025 Results**: Operating income $161 million (-33% YoY), net income $134.7 million (-28% YoY), EPS $4.24.
- **China Service Challenges**: 12.8% YoY volume decline, $6.4 million port entry fees paid Q3 with no customer pass-through.
- **Stability Signals**: Q4 2025 outlook for more stable trading environment post-U.S.-China trade deal.
- **Customer Diversification**: 20% non-China origin on CLX/MAX services, growing Vietnam/Thailand/Philippines sourcing.
- **Cash Flow Strength**: $544.9 million trailing 12-month cash flow, $1.2 billion returned to shareholders 2021-2025.
- **New Vessel Program**: $628 million CCF balance covering 92% of obligations, $248 million 2025 milestone payments.

**【Management Opening Remarks】**
- CEO Matt Cox highlighted Q3 2025 operating income of $161 million, down 33% YoY, driven by lower China service volumes and Logistics performance.
- CFO Joel Wine noted $134.7 million net income (28% YoY decline) and $4.24 EPS, with $544.9 million trailing 12-month cash flow.
- Key initiatives: $1.2 billion returned to shareholders via dividends and buybacks; $186.6 million maintenance CapEx.

**【CEO Commentary】**
- China service volume down 12.8% YoY due to front-loaded Q2/Q3 cargo ahead of tariffs, but optimistic on Q4 stability post-U.S.-China trade deal.
- Port entry fees: $6.4 million paid Q3, no customer pass-through; awaiting USTR/China Ministry of Transport regulations.
- Domestic lanes: Hawaii up 0.3% YoY, Alaska up 4.1% YoY; Logistics operating income down 1.8 million YoY.
- Long-term strategy: China Plus One sourcing diversification (20% non-China origin on CLX/MAX services).

**【CFO Financial Commentary】**
- Q3 2025 financials: $161 million operating income vs. $242 million YoY.
- Cash flow from operations: $544.9 million vs. $544.9 million YoY.
- Share repurchases: 0.6 million shares ($66.4 million) Q3, 2.0 million YTD ($229.3 million).
- New vessel program: $248 million milestone payments expected 2025, $628 million CCF balance covering 92% of obligations.

**【Q&A Highlights】**
- Pricing sustainability: Matson maintains premium rates (90-100% utilization vs. spot market volatility).
- Customer diversification: 20% non-China origin on CLX/MAX services, with growth in Vietnam, Thailand, Philippines.
- Port entry fees: $20 million Q4 2025 estimate, $80 million annualized 2026-2027.
- Domestic lanes: Hawaii/Alaska pricing reflects cost pass-through (fuel, labor).

Matson, Inc. (MATX) Q3 2025 Earnings Call Transcript

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