MATX - Matson dips 2% on prelim Q3 figures

• Matson ( NYSE: MATX ) announces preliminary Q3 operating income for Ocean Transportation to be $310M-315M.
• Operating income for Logistics to be $19M-20M.
• Expects net income and EPS to be $257.3M-262M and $6.67 to $6.79, respectively.
• Y/Y decrease in consolidated operating income driven primarily by lower volume in China service.
• Repurchased ~1.1M shares in 3Q22.
• CEO Matt Cox added, "In our domestic ocean tradelanes, we saw continued strength in Alaska with higher year-over-year volume and lower volumes in Hawaii and Guam compared to the year ago period.  The year-over-year decline in Hawaii volume was impacted by the pandemic spike in demand experienced in the year ago period, and volumes for the quarter were higher than the pre-pandemic third quarter of 2019."
• Stock drops 2.2% after-hours.

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