Matson Q4 revenue declines 4.3%, but net income rises

Overview

• U.S. carrier's Q4 2025 revenue fell 4.3%, but net income rose from a year ago

• Company's China service benefited from strong e-commerce demand and stable trade environment

• Logistics segment's Q4 operating income decreased due to lower supply chain management contribution

Outlook

• Company expects Q1 2026 operating income to be lower year-over-year

• Matson expects 2026 operating income to approach 2025 levels

• Company anticipates normal seasonality pattern in 2026 operating income

Result Drivers

• CHINA SERVICE - Higher than expected freight rates and volume in China service driven by strong e-commerce and e-goods demand

• SSAT CONTRIBUTION - SSAT joint venture investment increased significantly due to absence of prior year's impairment charge

• LOGISTICS DECLINE - Logistics segment's operating income decreased due to lower supply chain management contribution

Company press release: ID:nPn51Qbnwa

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the marine freight & logistics peer group is "buy."

• Wall Street's median 12-month price target for Matson Inc is $167.00, about 1.6% above its February 23 closing price of $164.38

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 10 three months ago

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