Matson, Inc. reported significant financial growth for the third quarter and the first nine months of fiscal year 2024, with operating revenue reaching $962.0 million for the three months ended September 30, 2024, up from $827.5 million in the same period of 2023, marking a 16.3% increase. For the nine months, operating revenue totaled $2,531.5 million, compared to $2,305.7 million in 2023, reflecting a 9.8% rise.
Operating income for the third quarter surged to $242.3 million, an 83.4% increase from $132.1 million in the prior year. For the nine-month period, operating income rose to $403.8 million, up from $267.5 million, a 50.9% increase. Net income for the third quarter was $199.1 million, compared to $119.9 million in 2023, while for the nine months, net income reached $348.4 million, up from $234.7 million, representing a 48.4% increase.
Earnings per share also saw substantial growth, with basic earnings per share for the third quarter at $5.98, up from $3.42 in 2023, and for the nine months at $10.28, compared to $6.59 in the previous year.
The company's cash and cash equivalents increased significantly to $270.3 million as of September 30, 2024, from $134.0 million at the end of 2023. Total assets rose to $4,442.2 million, up from $4,294.6 million, while total shareholders’ equity increased to $2,556.7 million from $2,400.7 million.
In terms of operational performance, Matson's Ocean Transportation segment reported revenue of $798.7 million for the third quarter, a 19.3% increase from $669.4 million in 2023, driven by higher freight rates in China and increased volume. The segment's operating income for the quarter was $226.9 million, up from $118.2 million, reflecting a significant improvement in operating income margin from 17.7% to 28.4%.
The Logistics segment reported a slight increase in revenue for the third quarter, totaling $163.3 million, compared to $158.1 million in 2023. However, for the nine-month period, logistics revenue decreased slightly to $463.9 million from $468.4 million.
Matson's joint venture, SSA Terminals (SSAT), also showed improvement, with operating revenue for the third quarter at $320.8 million, up from $268.4 million in 2023, and a net profit of $21.6 million compared to $1.5 million in the prior year.
The company has continued to invest in its fleet, with ongoing construction of new vessels and a focus on maintaining operational efficiency. Matson's management anticipates that the fourth quarter of 2024 will yield significantly higher operating income compared to the same period in 2023, driven by favorable market conditions and operational improvements.
About Matson, Inc.
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