MATX - Matson expects 3Q20 EPS above consensus

Matson (MATX) for 3Q20 expects net income in the range of  $67.2M to $69.4M and EPS in the range of $1.55 to $1.60 vs. $0.96 consensus.Company expects third quarter operating income for Ocean Transportation of $84.5M to $86.5M and Logistics operating income of $11.5M to $12.5M.Company says, China service, consisting of the CLX and CLX+ services, was the primary driver of the increase in consolidated operating income year-over-year as a result of strong demand for expedited ocean services and ongoing challenges in the transpacific air freight markets.Total debt decreased by $66.4M to $823.6M as of September 30, 2020. Available borrowings of ~$519M at quarter end and leverage ratio per debt agreements of ~2.4x.Shares +3.4% AH.

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Matson expects 3Q20 EPS above consensus