Matson, a leading U.S. carrier in the Pacific, reported net income of $72.3 million, or $2.18 per diluted share, for the quarter ended March 31, 2025. Net income for the quarter ended March 31, 2024 was $36.1 million, or $1.04 per diluted share. Consolidated revenue for the first quarter 2025 was $782.0 million compared with $722.1 million for the first quarter 2024.
Matt Cox, Matson’s Chairman and Chief Executive Officer, commented, “Our first quarter financial performance was as expected with significantly higher year-over-year consolidated operating income. The year-over-year increase was primarily driven by our China service, which benefitted from the carryover of elevated freight rates from the fourth quarter of 2024 combined with healthy freight demand following a traditional post-Lunar New Year period. For our domestic tradelanes, we saw higher year-over-year volume in Hawaii and Alaska and lower year-over-year volume in Guam. In Logistics, our operating income was lower year-over-year primarily due to a lower contribution from freight forwarding and transportation brokerage, partially offset by a higher contribution from supply chain management.”
Mr. Cox added, “Currently, there is significant uncertainty regarding tariffs and global trade, regulatory measures, the trajectory of the U.S. economy and other geopolitical factors. Given the pronounced market decline in demand in the Transpacific in April, coupled with limited visibility to our container demand, we expect Ocean Transportation operating income in the second quarter 2025 to be meaningfully lower than the level achieved in the second quarter 2024. For Logistics, in the second quarter 2025, we expect operating income to be lower than the level achieved in the same period last year. For the full year, we expect Ocean Transportation operating income to be lower than the level achieved in the prior year. The amount of the lower earnings will be dependent on the impact and timing of the global trade and macroeconomic uncertainties described above. We also expect Logistics full year operating income to be lower than the level achieved in the prior year due to a challenging environment for all our business lines.”
“Despite the current uncertainties, we remain confident in our long-term prospects due to the diversification of our businesses and cash flows, our focus on serving niche markets where we are an integral part of the supply chain, and the strength of our balance sheet. We remain committed to maintaining the reliability of our vessel operations and providing high-quality service to our customers and the communities that rely on us. Matson’s businesses have historically performed well during periods of supply chain disruption given our competitive advantages and the reliability of our services.”