MATX - Earnings call transcript Q3 2021

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Operator

Good day, and thank you for standing by. Welcome to the Third Quarter 2021 Fiscal Results Conference Call [Operator Instructions]. Please be advised that today's conference is being recorded [Operator Instructions]. I would now like to hand the conference over to your speaker today, Lee Fishman, Senior Director of Relations. Please go ahead.

Lee Fishman

Tina. you, Thank

available the Chief on President are Cox, Investors presentation Matt Chief site, our Joining under www.matson.com, Officer; call and and the are this from Executive Officer. Vice download Joel Chairman at Financial Web me tab. Slides today for Wine, and Executive

the to are on the XX, of the in statements is undertake update and on also XXXX, X, call any on under we Matt. or of to statements. expectations, I February Before we are statements to reasonable. date. subsequent and forward-looking forward-looking based will the more like that described in events. We XXXX, the detailed to presentation, securities these the that These note Form the conference regarding risk in remind the future caution today Please factors meaning from slides filed press this our with filings XX over and laws materially our the could federal begin, projections you of make the results that no call. our turn Pages are we and would assumptions to forward-looking course call believe during predictions, and actual release release, make XX-K this fully November within factors you of statements, to conference assumptions in as consider I that press our risk cause of We call, Factors We obligation are SEC. and now those Risk date forward-looking will the that differ caption presentation XX this expectations this

Matt Cox

pandemic at supply year. elevated volumes favorable for continued increase Logistics We on last the the compared supply chain second best, a on business services, expedited We we to as third China, and year-over-year to of Express quarter see within the year-over-year is had trends logistics manage be and congestion driven the core strong the what to helping fundamentals thanks and of to one income with year-over-year third a today. in quarter our in in X Ocean in largely primarily Transportation quarter. our widespread ocean restocking Ocean as inventory performance and tradelanes, continued continues quarter increased which in or our results. continued volumes our many we ocean Transportation consumption, operating environment for The economic Logistics congestion. new period was including quick higher this with difficult on through focused Thanks, Slide transportation of and domestic call Matson's continued for reliable The strong trade third into do lane the going in transportation. customers by demand services reduced the income quarter fast, key and businesses our and In of operating markets. Lee, ocean solid maintaining CCX. quarter points demand and result Okay. third a California the those remain overland I'm recap of goods demand start strong

the to due due the period. container items Domestic to slide. primarily related results ago Hawaii which are the go third was volume considerations. some services, financial towards Hawaii demand the a release XXXX efforts tradelane variant, our wanted in that in walk which the spread XX.X% Lastly, year COVID-XX quarter and in recent the much to defer of in the economy the was including compared increased strong of visitor address when tourism I of our XXXX in The our volume increase our achieved to reduced year-over-year I'll please the turn governor's state's of traffic. higher the of the the next now rebound that, period. light in Hawaii to to in have travel And led XX.X% on the for the report review until to retail hospitality pandemic to quarter to sustainability I'll and through, of so with the the August travel year-over-year end through continued than third site. passenger There of higher the end our request Web remained and airline plans, the a sustainability the late strategy softening of report, supplement be to presentation, delta number throughout can key quarter found

mainland and in we travel nonessential variant as the economy should near in that term season. where macroeconomic gap October in approximately XX%, and captures has near plans. In on activity current as factors. the into on the heading negative announced on industry a effect COVID-XX to experienced As to Delta of result UHERO's business well chart turn this Please a the governor's latest in visitors, tourism forecast visitor slowdown so the of of decline related The a the to variant resurgence unemployment in tourism effects the COVID-XX August state's impact led to respectively, of unemployment the beginning year trends. plea state's XX% travel a an modest governor In driven late in in the September, And and US tourism and tourism arrivals by was July and and defer the the Hawaii. through lower right rate. than total XXth, in increase a that may Hawaii in the Xst, economy the brief consequently, expectation visitor I'll shows widened the XXXX. powered XX% impact a to trends the Delta rate to the visitors arrivals to comment there's state, late On in November an other the state's holiday to term, on state's XXXX, as response result, the travel quarter. and predominantly slide, as August experience freight negative impacts the increase July The response resume from Hawaii on visitor demand can to significant the the the next September.

several the As modestly GDP UHERO's the give in forecast a that continues full for growth years. and compared XXXX to lower demand. XXX October muted unemployment Year-over-year primarily to by to the XXX the request due governor's was return a fourth hospitality take the trend into basis container trend quarter, westbound higher retail result rate an one UHERO shows in and growth respectively. a approximately as conditions pullback and are related to a To X% nonessential travel. forecast sense you May, may increased current to expect and in year-over-year, of that more XXXX pre-pandemic points month volume tourism volume defer our of higher

higher by the XX.X% from continued Volume garments e-commerce, the Moving X. into achieved the goods voyages service XXXX voyages premium one CCX the Matson's volume the due in in considerably in year-over-year, to than period. of number an in the The XXXX from and by the third was average quarter heading total significant year extra increased from other that China on Slide to a and were were rate from the primarily and extra peak of which higher year-over-year, quarter five to volume loader. ago was Matson service loader. volume Eastbound the China realize our driven CCX six season. demand rates third freight and quarter service

ocean Slide our levels turn continued expedited increased low to and sustained services. I'll business and the please on X. inventory elevated to demand drive trends, We see for consumption now comment trends so

transportation and e-commerce, points retail both retail, to delivery All critical evidenced China remained October demand elevated and level October of Friday, our replenishment for container For for volume transpacific particular, Currently, Coast late West due as the ocean slide. was Monday ocean offset very US seeing of overland transit Lunar challenging a on CCX for result in CLX+ intensely infrastructure elements of difficult maintaining from transportation. chaos, are the China XXXX, partially chart timing. US customers e-commerce we're Year supply strong. to and to to of working our trends, consumption cargo in at period. XX% to volume, freight customers restocking of trend With the on fast holiday period. some inventory of navigate ratio, for continues in we're the CLX+ New this sales be the environment higher a year-over-year Black also due addition also in by inventory to and demands the CCX in we're in supply respect ahead less a our tradelane, seeing to freight seeing shown sailing the services high before Retail and leading the it combination very chain distribution and services. for one industry our by ocean origination inventory CLX, We're US congestion by focused and ongoing to Cyber eastbound chain retail and this hard through this a expedite exceptionally as to shipping. approximately plan And points help as the We're availability times bottlenecks in

ahead, expect midyear in through largely demand remain we at restocking to Looking place consumption elevated least inventory XXXX. and

middle in service peak we have place, in as environment may permanent a place demand for the until for the supply we be the as we'll CCX the believe of Matson. 'XX, work don't CCX but this towards new normal, remains long be which As chain will

to will organic services from further our prepared we're our of to to move adapt customers demand the all and opportunities on We to drive continue growth. expedited ocean

the reduced In in was remains XXXX XX% to the tourism XX.X% higher The Subsequently, in as retail Slide achieved volume volume X. uncertain. the due period. year-over-year, the economy Matson's third in The Turning pandemic is XXXX than demand trajectory remains recovering the period. result to higher in economic ago to related third level compared constrained. primarily quarter Guam, container recovery increased the year slowly the Guam the quarter

approximately of month our westbound the year-over-year. volume container For increased October, XX%

In the term, The container retail increased addition from COVID-XX the the primarily Alaska. X. and the outbreak of trajectory Asia quarter seriousness of to higher higher the In due the Slide XXXX trends the we expect volume increase due was given state. the improving Express, demand an particularly northbound of year-over-year. volume uncertain, Matson's in in additional higher volume. for Alaska, near continues Alaska, to third variant remain volume to now Delta sailing to Moving economic related But XX.X% and recovery southbound

container retail For volume northbound of flat our the as year-over-year month remained elevated. was demand October, approximately related

Turning next to XX. Slide

million see to $X.X volume a the as continue volume US And venture, the terminal result was million activity third high the Coast which to Coast, in contributed into expect XXXX primarily for in year-over-year increase higher Our SSAT. prior West higher the into The $XX of we import we import volume year the translate lift quarter from lift in contribution elevated SSAT, period. compared of into West joint to result of China. currently, a level significant US

I volume. review in now elevated the with over import the result and in transportation continue management and in the and saw at than supply supply Slide or benefit transportation to of California, And increase the Turning Southern in turn third brokerage, favorable primarily chain from a restocking, on the core performance. to for we with management Operating line XXXX, XX. trends our elevated income period. demand markets. to financial $X.X $XX higher quarter October million we due Joel supply inventory came from addition to in to higher goods in chain fundamentals in million West that, consumption Joel? was Logistics in the In and volumes call year-ago saw our US Coast will This container contribution where brokers

Joel Wine

extra XX to of Okay. period result Please freight volume year in contributions to in a to the Consolidated The third loader. of The $X.X quarter $XXX.X volume with primarily from higher Transportation the from for turn third increase Transportation million quarter $XXX.X Thanks, million income rates of to due contribution Ocean million million operating in $XX.X China. higher primarily million increased China increase $XXX.X was operating year-over-year increase review the significantly our in higher volume. service CCX from Matt. Ocean a from new in an The average Slide due results. higher and and was a Logistics was and ago and income respectively. the

transportation quarter that income relatively increase in out than lower quarter expense due in primarily of for the want a to lower and contributions its was the due was million debt. X.X% operating noted, the decline brokerage. was transportation outstanding supply lower the operating X.X% margin Matt income higher to to management As primarily year-over-year and $X.X million margin brokerage contribution. the to from do result from $X.X Logistics in I chain as Logistics second Interest revenue increase point or

rate XX.X%. tax was months cash our the allocated how quarter flow Lastly, shows of the XX trailing generation. effective in Slide XX we

LTM from For the retire items period, generated owners' on cash on dividends $XX.X tax made out $XXX outflows like cash terminate Maunalei million to would quarter payments the capitalized million: and and while flow the CapEx used million on debt, to $XXX.X million of I point million $XX.X via and period that $XXX.X in share which other we million $XX.X repurchases. new net returning third including to $XXX.X respectively. $XX lease, Matson includes we shareholders million cash and million and LTM interest operations $XXX.X of million operating to vessel maintenance CapEx from which

for summary balance of XX our Slide to sheet. a Turning

note of $XXX.X the million. and $XXX.X net You million the was at quarter will our debt debt end total total that was our

debt we times, of million. revolver. had outstanding the and During the we the quarter, no reduced $XX.X by At quarter, total on approximately was the X.X leverage end ratio balance our third

operating second noted capital the quarter statement. the terminated is captured million $XX.X on we Xth and on line July the on the Maunalei item other in we on paid call, acquire flow payment lease As to earnings This cash expenditures vessel. the

and accretive We XXXX continue the to and to expect in by be XXXX transaction EPS $X.XX respectively. $X.XX

After third the shares share from total quarter cost $XX.X end we repurchased yesterday Lastly, on an of quarter repurchased Xst million. October million. repurchase for in We shares through total cost and our $XXX.X X.X regarding November additional Xnd, a XXX,XXX for program. the million of a

Matt. on approximately million X.X As I'll have authorized of to shares our million now back November remaining over call Xnd, we repurchase the yesterday, turn share that, program. $X With

Matt Cox

Joel. Thanks,

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along achieve or to open International billion Organization, commercially the an proposed to that Our accelerate currently fuels carbon of signed members To can technologies, R&D particularly with fuel as be is for carbon ships. ocean goal ambitious the Council, letter IMO's the neutral going development XX known help is XXXX and for Shipping $X is and IMO, used no of Maritime Matson, container action new available World advocating there industry funded climate a goal and zero program.

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LNG Class Kaimana approximately Kanaloa on the actively Hila vessels, and to $XX the LNG $XX capability is on and million the current The $XX the the each. Matsonia. is are Kanaloa cost estimated Hila and two approximately Kaimana considering vessels installations or million, Lurline million We install on two Class

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on informed with chart the well the annual sustainability will ocean to of will logistics maintaining services report working wrap questions. and We quarter, back to the closely our our financial manage call we'll operator reliability for to plans our year. our of with meet the your we the customers. of regularly goals. and And I customers through our first We're impact the with months in in period and and ocean and focused progress for for investors transportation turn things difficult keep the performed up the this ask nine To that,

Operator

Your from Atkins with Jack Stephens. question [Operator is first Instructions]

Jack Atkins

about Matt, flows recent levels overall thinking broadly, the over do summer than that the of about So guess through curious But down going Hawaii lane I things I lot unusual level visitor volume to sustain seeing a to back in the from to we next of Hawaii to like at moment. approved, moment. Hawaii XXXX. I without perspective like a of guessing and you a but maybe kind Hawaii XXXX. US I this visitor kind inventory the quarters, the of good freight of versus and when lane of if of on activity that's bit can that of went higher for we volume a the I'm When a think the about sort until levels as restocking guess, But for obviously if sort you a you XXXX that. more and more you We're just beyond? Just could, actions, that think, across could they've think what's feel talk arrivals, about six in recovery with and Hawaii are kind look level still four too we today

Matt Cox

view My that little a Hawaii, on more bit bullish Jack. is I'm

current in to don't level think and view problem that our sustaining in of Delta much quarter, freight moving volume think we're of I slowdown of First fourth the in period I all, forward. with customers and our variant that state inherent the a see to talking relatively are what associated did the into this the my international restrictions holiday the we And which indeed that Hawaii in will to related destinations delta pretty to to dealing put relative seen But travel. be safe still suppress travel continue I travel, season place and with the to be as variant. optimistic impacts XXXX place a the personal through

likely personally that think I relatively So and improve in environment the into XXXX. healthy Hawaii overall is be going to

to become risk benefit I we the Delta feel that Hawaii. I And in economy not extent stand risk. there's to I to upside a of the more lot absent will gradual answer -- of to all So begin of elimination see, vaccines it's a like think and don't think than treatments the and to much mean more I -- the effective, the COVID-XX it's COVID. but reduction questions, as about

Jack Atkins

don't sort capacity sort know statistics Coast. of Hawaii we And to of utilization you fair West that. kind could just give guess thought, know from there comment of kind of I that obvious go? the maybe of you getting But like guys utilization when line specific on it Because the you we're think when your for are left reasons. if with guess curious you back the levels. I then, fleet but of current maybe a deployment, do capacity different like excess than amount think fleet feels same along I today westbound of about the towards kind about sort of was to where I have is it XXXX you to

Matt Cox

seen have I capacity say and to we that as Yes, it, utilization able economy we our would Hawaii have with when capacity comment I'll generally the meet on to Jack. recovers. we're -- the satisfied be but

perspective where we Hawaii now into economy utilization but grow capacity to also fleet with both on recovers So are next we're comfortable very the sufficient have it a year. with as

Jack Atkins

CLX+ you, but you question to an update last you of that could a the working that early Joel, time? just on those the towards year. some hand over. that maybe this for of longer an next I are on it up update, of about maybe end with And give on the capacity service. from me, Any I'll were thinking planning charters guys and update this know year, if on maybe were you And regard over period of guys more how and maybe us But is coming sort

Joel Wine

quarter of up in of So charter we couple vessels XXXX the another vessel a then yes, in had on early second come and XXXX.

in the we part need in continue we almost charters those and new on CLX+ we'll So important of there. surprisingly to that's And core really vessel on are to have shape and we're pushed this note here terms. we our the focused duration had vessels Jack, development, of three vessel charter. year. latter one more probably believe then are We've that longer not for The owners good be have to new on is vessels engagements

that the five months, XXXX or that really five as three XX could four bit look years owners and years, So first four we at we charters move of and were and years, conversation XX for XXXX, years. when in that months that's sometimes find pushing

years, over. little keep three to see what down these maybe or roll For as bit the you'll ours we've than and tried a that's to part, years we three most more

vessels the QX So you'll go 'XX. to have we as some Jack. year, good we're But into next look at our that CLX into and charters shape needs heading 'XX for in

Jack Atkins

we before in Lunar I look in take lot there's didn't over. your in zero Year New XXXX. more policy. the Matt, curious could on and of hand a know it in I'd of next to really see much XXXX. one in get Year sneak of a could like, I Lunar New on else But if in be Maybe holiday there's Lunar given New on what and Year China China everything year Olympics going debate XXXX kind of I sort COVID I guess

Lunar holiday the have just hearing of to And to you New we're sort from sort Year you're year? Year think thoughts this do with just your that So curious XXXX, regard normal any what a be would in customers appreciated. going on New Lunar of more

Matt Cox

Yes, early, it is Jack.

dealing Olympics. COVID are the government you rightly Delta outbreaks And the is with currently, out moving a the the But just with throughout of limit in speculate So bit. point aggressively and the country. variant I'll they Chinese spread to country, inside of also course, China, little

I the of of going hometowns spread the hundreds standpoint, terms think transportation but of their Chinese not the variant is and a delta again, domestic policy -- from Chinese in in COVID. system public to limit trying speculating, of having to millions of factor a from good

shorter themselves New And as for people so are expect a discouraged we period traveling. many from Year or Lunar decide

abbreviated or more think So Year going again, Lunar see Year New we're Lunar I New to period. a limited

while be That's will so traditional will think this shorter think And personal there a I slowdown, than at be point. I it guess my people expect.

Operator

Your with from Stifel. next Ben is question Nolan

Ben Nolan

the what little of terms up other it there I some, put about is follow term the to have wanted was Joel, from some a side. you on, of But in bit or I that's just now market So the you're the thinking place Jack longer with moment. talking way contracts in at because

the or that of or of especially You guys offset curious to at contracts signing yourself an longer for bit you've leverage hard little if to get sort commodity to terms scarce signing ships? been thing expedited offer help relatively own able maybe the term to a longer in mitigate customers up your a that perspective. I'm contracts from you're term moment, the

Joel Wine

conversation answer their not very are now is mean no. chain supply on contracts. nutshell, customers the a long right focused I around There's a lot delivery. issues, term In of

in contracts, annual customers, they the the of of May has know, are XX retailers. really freight X then the you are And market forwarders, major most for As April basic which types the to conversation that two BCL spot is customer three, future. in segments or those there movement broadly, the for I'd market of looking And two, either are say longer any out in really, two fourweeks advance. market term

Ben Nolan

mean, And of I of still to deploying Matt, you're the new potentially curious why? always that think environment had a permanent makes assets. midyear, that it's last, however but be what fixture you going thinking as in you long that how then, you're certainly your you you thinking are business perhaps this something I'm doing? not it going CCX terms into of mentioned aren't

Matt Cox

effectively our the vessels from vessels are service. reserve But CCX Hawaii our the that all comprises perspective, in of

you service service us XXXX end. at do know, But will ability we the once turn will opportunities some That say eventually, some the may may other When we because expedited normal, CCX regular the our to to for regard in for company we service to we clear. would future, isn't brand LNG new CCX elements of be at wheels has dedicated point a allow standardized when into other us to because need service new talking normal get the at been future. that vessels get as 'XX, stand example, about, service or the our were of some the exactly terminals for regular other expedited really conversions point loaders. prefer so all point in vessels to in in point not And the an with is from out, a to has into though, to to as segment competition, in deploy and market market extra But us there expectations we out have take that our operation, this drydock from apart scheduled limit the matters, routine grown. a to other enhanced that to

of be definitely going as current past So as this form something ways few have over in the at to be may opportunities. likely expedited on not focus will or the XXXX. years, it's next services that other we settle things in the CCX But we're can not which looking

Ben Nolan

a it's function it's function of a not capacity? of So demand,

Matt Cox

Other needs. Correct.

Ben Nolan

seems lastly, I as but it relatively well mean, I this obvious, guess, ask. just might

elevated have no to be really assume the subject or program. what that made bit fair Is that as on increased? board to as it market long that renewed approval there's You've wouldn't that that reason and quite remains you buyback headway a

Joel Wine

steady definitely as time, to know. would for you be I expect cash return long say generation company we flow Ben, on free a capital,

company look a that steady, focused So that. with of us way return buyback term primary do at I long we share as being the capital would

nothing in our that's changing I that in story there's -- think So regard.

Matt Cox

One as of absence that those to have return on finding be other our but deploy certainly provide cash initiatives. -- continue to growth either we comment return capital. if say capital And continue us to cash and going I'd we're before, capital, or a look make, on allocation Ben, it's which for in to we that. going acquisitions opportunities through ways to is we're to this threshold worth going the for ways But profitably do to our to to digit double strategy. organic steady repeating look heard talk you've We're continue to will about we that deploy capital

Ben Nolan

the plenty M&A years, have the We, asked aspect. about over

think hands I I this So well pretty I have fully right. point, my appreciate at guys. but it all

Operator

back now time. Instructions] at [Operator the We remarks. Matt hand questions have call Cox over for closing I'll no to further this

Matt Cox

next catching in Okay. everyone We today. quarter. up listening Thanks with for to Aloha. forward look

Operator

conclude today's presentation. does This

You disconnect. may now

Matson (MATX) 4 Nov 212021 Q3 Earnings call transcript