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MATX

Matson

$28.24

-0.16 (-0.56%)

16:07
07/31/17
07/31
16:07
07/31/17
16:07

Matson sees FY17 Ocean Transportation operating income down from $143.1M in FY16

The Hawaii economy experienced modest growth in the Q2; however, the Company's container volume was lower due to the absence of volume gains associated with a competitor's service reconfiguration and related issues in the Q2 of FY16, and lower construction related volumes. Given the timing of the expected transition of construction activity and the absence of a 53rd week in 2017, the Company expects its FY17 Hawaii container volume to be modestly lower than in 2016. In China, the Company's container volume in the Q2 was 15.0% higher year-over-year due to stronger demand for Matson's expedited service and an additional sailing. The Company continued to realize a sizeable rate premium in the Q2 and achieved average freight rates modestly higher than the second quarter 2016. For the remainder of 2017, the Company expects continued strong demand for our highly differentiated expedited service amid a chronically over-supplied international container shipping market. In Guam, as expected, the Company's container volume in the Q2 was lower on a year-over-year basis, the result of competitive losses to a U.S. flagged containership service that increased its service frequency to weekly in December 2016. For the balance of 2017, the Company expects a continued heightened competitive environment and lower volume. In Alaska, the Company's container volume for the Q2 was 1.1% lower year-over-year, primarily the result of the continued energy sector related economic contraction, partially offset by improved seafood harvest. For the remainder of 2017, the Company continues to expect modestly lower volume based on declining northbound freight due to ongoing contraction of Alaska's energy-based economy, partially offset by improved southbound seafood volume. As a result, the Company expects Ocean Transportation operating income for the FY17 to be lower than the $141.3M achieved in 2016.

  • 31

    Jul

MATX Matson
$28.24

-0.16 (-0.56%)

06/09/17
SPHN
06/09/17
NO CHANGE
Target $40
SPHN
Overweight
Matson likely to be pressured by Philly Shipyard news, says Stephens
Stephens analyst Jack Atkins noted that Philly Shipyard has announced plans to build four new container ships for Hawaii trade, which he called "both surprising and concerning" for Matson. While a new competitor to Matson's core Hawaii lane, assuming one emerges 3-4 years from now, could potentially pressure pricing and market share, Atkins is keeping his Overweight rating and $40 price target on Matson for now, but he warns that the news could, and likely will, put near-term pressure on the stock.
12/15/16
GHSC
12/15/16
INITIATION
GHSC
Neutral
Matson initiated with a Neutral at Seaport Global
Seaport Global analyst Kevin Sterling started Matson with a Neutral rating citing headwinds in some of company's key markets, namely China and Guam.
11/08/16
STFL
11/08/16
DOWNGRADE
STFL
Hold
Matson downgraded to Hold from Buy at Stifel

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