MATX - Earnings call 4 2023

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Operator

Good day, and thank you for standing by. Welcome to the Matson's Fourth Quarter 2023 Financial Results Conference Call. [Operator Instructions] Please be advised today's conference is being recorded.

I would now like to hand the conference over to your speaker for today, Justin Schoenberg, Director of Investor Relations. Please go ahead.

Justin Schoenberg

Lisa. you, Thank

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

or of to expectations, Before we statements forward-looking will like that events. the securities the regarding remind future meaning laws federal begin, projections that we and would course believe during predictions, make are within you assumptions I our of call, We the this expectations reasonable.

you and the the risk described in in to the We and release, that caution those to factors are in statements slides XX, consider more call. These press our could results cause our XX conference actual and forward-looking to from the under factors our fully materially Pages Factors differ February presentation and of risk subsequent Risk with this press SEC. are on detailed XXXX, on filed release caption the the XX filings in Form XX-K presentation

also date. to statements. of on call as XXXX, this February XX, are no undertake statements this any forward-looking make assumptions that date forward-looking Please is and based that of conference update we the these obligation We note today

I over will now to turn the call Matt.

Matthew Cox

a and those segments well for financial performed year Okay. a starting Thanks, quarter, to in Ocean operational in Matson business solid Logistics Justin, segments. the and I'll on off position. be call. capping Matson's the solid and thanks both on Slide is Transportation fourth business X.

Jones positioned freight we're Act for our provider in We in are the well ocean markets. the and logistics and leading growth expedited Transpacific,

capital strong low is leverage. and sheet structure balance with a low-cost Our

capital Class and to the form fund. funding And of repurchases we a our dividends. new approximately XXXX share our X/X at vessels returned lastly, in in shareholders $XXX very funded in on position with approximately year-end in $XXX the We're construction million with million program good Aloha

our operating with tradelanes, Transportation, in with but across freight quarter, China combined demand service volume, experienced within income. year-over-year higher a in For higher Ocean all year-over-year costs operating when the fourth lower which, decline solid year-over-year resulted rates,

income due declined brokerage. lower a transportation year-over-year operating logistics, In to contribution primarily from

quarter will tradelanes, the our fourth go through and logistics. of SSAT performance I now

to slide. turn the please So next

fourth container due X.X% volume to wildfires. by lower the Volume fourth Hawaii modestly tourism quarter for was demand. lower quarter year-over-year declined than as lower arrivals the Tourist general the of volume of impacted in year-over-year the were fourth achieved quarter X.X% to was in XXXX. XXXX fourth quarter Maui in

volume westbound due full X% the lower year eastbound lower primarily container decreased to year-over-year, general XXXX, For demand and volume.

For market stable XXXX, XXXX, to volume the year share. growth in reflecting comparable level economic to in full modest the be Hawaii expect we and

rates, decline despite Maui wildfires the interest Please in visitors. turn held The high of up well in international Hawaii to XXXX headwinds economy and and tourism slow inflation, to high a population modest X. Slide from the return

due in initial well predicted a increase from UHERO's to projects in in easing jobs December large economy Hawaii by Maui. modestly the rebuilding part rate XXXX, underpinned inflation. economic are projected as Construction and to is efforts low as According grow unemployment report, to government-related

year Near-term to Maui of due recovery challenging international to expected as growth arrivals and tourism wildfires a to visitor in reduced the is result of last be tourism. sluggish

XXXX XXXX. lower higher to X. in quarter resulting the that freight rates and year fourth China were the in but CLX+. China those above higher primarily achieved in the for both We the well was volume fourth to for XX.X% Matson's ago in of the than period, average achieved CLX Moving quarter demand on the due higher Slide service of our year-over-year, volumes quarter service,

we discontinued X For due year-over-year to quarter in first Recall service CCX the the CCX the months primarily XX.X% decreased the volume that volume in year the full of of XXXX, third container XXXX. XXXX.

Please demand. see consumer steady turn marketplace, U.S. transpacific continue the to Currently, X. in we Slide to

in Year we period, Lunar CLX the near vessels our of the but capacity As coming New is Year. Transpacific approach and typical tradelane, New CLX+ experienced as and volume Christmas light out

post Lunar New period the traditional, work. factories slowly more workforce of a be the couple for expect returning We Year to to [indiscernible] closed

As a because we the accommodated the decided cargo weekly departure. from we CLX+ the did CLX be few Shanghai a prior not vessels with could in year, to sail for package weeks

period over a We factories currently holiday. volume demand normal to expect X-week to return as X- recover gradually to post

caused the on by we in the effect situations, the to similar rates from For 'XX date, higher impact and has rate Red on Sea. and we expect Canal China evolution limited in disruptions our our expedited above services. of be XXXX, as supply services CLX+ very pre-pandemic To service full for and seen the our modestly drought events these year average possible freight demand duration can and further and Panama a chain the see freight CLX ocean it's Depending levels.

routing. Regardless more know we're options in of maintaining our evaluating customers Transpacific. of are the fastest ocean X events we're but light shipping customers' most of uncertainty aware the and on the to focused these reliable We changes and of cargo events, in these services not material any their other

during CLX+ industry-leading demand service MAX, Lastly, to renamed Transpacific XX, has for the on to extraordinary Matson's XXXX accommodate pandemic February X years. performance had service introduced expedited in the Matson Express. we and was the CLX+ for the Asia last

in to providing sixth differentiated rebranded element. unique We've that this this trade a highly the scheduled service CLX+ departure added is including with reflect flexibility transpacific to from ship provides liner China. recently MAX a customers the weekly service, lane, to ensure MAX service the only

quarter the the fourth Guam, primarily slide. increased was volume X.X% of demand. In XXXX was The year-over-year. Matson's Volume increase Please the in in X% next to general quarter to fourth of achieved the XXXX container higher higher of level turn due than the quarter XXXX. fourth in

unemployment the modest increase near the continued we rate general in In year the XXXX, demand. expect low X.X% a decreased tourism. to term, full improvement due For and with in economy container volume lower Guam

expect XXXX, achieved approximate container to For we the year. last volume level

by of Please lower turn container decrease AAX, to decreased the fourth volume export year-over-year. Alaska, quarter higher offset the volume additional to seafood to northbound XXXX, seafood southbound the to XXXX quarter volume X.X% in for domestic of In fourth sailing and due The volume. quarter higher XX.X% Compared to next due partially from an slide. volume Matson's was due higher. volume higher the was

Alaska benefit grow near from to widespread states economy medium growth and expect job supported growth Inflation flattish the near by the population. In in economy infrastructure indicators expected to full exploration growth and the every industry lower projects infrastructure job good as the The of year funded by and achieved The despite and the in XXXX, inflation. also key significant growth of federal In Alaska approximate almost volume For expect unemployment, turn Alaska term term, investment continues Department job XX. economic increased year. Please low to we economic bill across the in last show in activity XXXX. is level the to Slide state's improvement levels production the as continued saw XXXX, Labor and to the Reduction we by energy-related Alaska economy well Act. growth

XX. Slide to turn Please

terminal lift was higher to offset joint due $X.X million. venture, contribution $X.X primarily year-over-year demurrage The higher partially by Our million SSAT, revenue. revenue to increased lower

XXXX, million, contributed demurrage decrease of to be expect In increased million, from primarily due lift volumes. year-over-year SSAT reflecting XXXX, year full $X.X lower to revenue. the $XX.X contributions we higher For a

year-ago from in Logistics XX. lower the $X.X approximately to than income now was in due the result million came brokerage. in on Turning transportation $X.X the quarter contribution decrease to primarily at period. lower Slide Operating fourth million a or The

full transportation chain reflecting million. decrease brokerage decrease lower and supply operating the management. a XXXX, was year from was $XX to The income due For contribution a million, of year-over-year $XX.X

we lower than XXXX. be level expect operating XXXX, For achieved income the in to

the of expect conditions transportation For least half through at brokerage, we business first challenging XXXX.

lines supply forwarding to freight be management comparable our chain to business for demand expect and XXXX. warehousing We

And now our to turn over call performance. Joel? financial review I for Joel of will a the

Joel M. Wine

of XX turn Matt. results. and to fourth Slide full year quarter for Please a review our Thanks, Okay. XXXX

$XX.X with consolidated $XX.X contributions $XX.X and the fourth Ocean respectively. decreased year-over-year of and lower from Transportation to million million million, $X.X income quarter, Logistics For million operating

Transportation in Hawaii. related lower partially costs The volume to fuel operating expenses, in income the and in due quarter rates including primarily decrease China and expenses, higher and by operating was Alaska Ocean offset higher freight China from in and fourth contributions higher

decrease the noted, just was primarily a lower logistics Matt operating to due transportation from in As income brokerage. contribution

income deposits into decline the of $X.X cash rates compared quarter in interest in to to as had Interest year higher due year-over-year the CCS We year. decreased in period. on and to in the prior $X.X quarter debt cash due million the our investment outstanding expense equivalents past million and the

ago year period. rate in XX% tax compared was effective and in The XX.X% the to quarter the

lower For operating Transportation decreased to million the $XXX.X contributions full Ocean and year, billion respectively. million and of consolidated $XXX.X Logistics $X.XX from $XX.X income year-over-year million, with

fuel-related operating Ocean and including expenses year and Transportation collections. rates of costs fuel-related discontinuation of the primarily the decrease operating by surcharge The freight income contribution to the partially lower due in expenses from to service lower and and costs and China in SSAT, a timing related volume lower the CCX was lower for offset primarily fuel

logistics and brokerage in chain contributions income supply was to operating The due transportation from primarily decrease management. lower

our the cash next Please months to allocated XX how we generation. The trailing shows slide of turn slide. flow

to $XXX.X retire including milestone items, outflows, million operations from we $XXX.X debt, million to million on generated the cash and CCF, CapEx, period, CapEx, on the dividends for and million capitalized withdrawals which of we repurchase. and other LTM on share For via interest $XX.X payments, $XX.X from $XX.X and returning vessel net new approximately in cash income million maintenance used approximately flow of $XX.X million $XXX.X deposits owners' million other interest shareholders while in cash

for program sheet. Slide and share balance our repurchase Please turn to XX summary a of

we million including During cost repurchased million, approximately taxes. $XX.X for total the X.X of fourth a shares quarter,

program of approximately and year stock shares for million. our XXXX, total repurchase in $XXX.X initiated of of cost XXXX, Since our For repurchased XX.X% approximately million $XXX for full million. December the we a XXXX shares share we of we or cost X.X through repurchased total X.X August a million

growth we are in excess returning As we shareholders do or so before, the inorganic capital and of to to continue opportunities. investment committed to to said large any plan organic absence have

debt to levels. Turning our

third quarter. end at million $XXX.X debt fourth end quarter a of the million, the the total of the reduction $X.X Our from was of

million. we debt $XX.X the have by For reduced year, total

I'm was at now next to funded XXXX a the payments $XXX.X through by nearly the capital the slide. balance in of million. of please so to the at cash remaining fund CCS. cash couple of in going on the program construction X/X The milestone update year-end items, of of million, walk financial end $XXX Based turn restricting the an was

make to milestone X/X earned the of second in in on that the excludes years. income quarters $XX.X currently year. figure million Note payments be of fourth interest may and that of future expect each this deposits We cash

duration $XXX few By remaining milestone Also, of providing U.S. deposits effective we out held greater fixed rate purchase the to of a next deposits of of executing CCF XXXX align in tax short-term strategy around the payments this of U.S. funds over term an rate a in days instruments, fixed expect are rate income X.X market the of recently investments XXXX. The a to the milestone out money in interest and CCF government portfolio short-term XXXX, is executed and certainty balance portion strategy, with term deductible fixed effective XX duration to with approximately less. remain a we of payments million X.XX% in the years. can the treasuries $XXX approximately the in amount of this or half years, cash in yield receive with million

tax of continue we to refund corporate XXXX federal to for million taxes. Lastly, a expect $XXX general receive

which in this We Please payments our XXXX. The our milestone expenditures new and Aloha related table $XXX.X turn capitalized in consisted Slide construction to $XX.X costs XX. of million, vessels. on had capital other million Class expenditures on of slide summarizes

and and the $XXX.X the $XX.X for which LNG for and LNG of maintenance Manukai Daniel was upper and million to installation on CapEx capital Kaimana projects. million and million of and was expenditures of K. variety $XX.X reengineering installations Maintenance Inouye support $XX.X growth. were requirements million, Hila across the a other was network for equipment

the key planned Please years. turn to over shows expenditures the the next Slide next XX capital X slide.

LNG The including in remain CapEx for $XX owners' million construction which return and Honolulu expenditures, For II on to vessels installations Logistics million expect work capital vessels, for and capitalized to businesses. later at million for to course CapEx Island million million, $XXX items. shoreside III service new $XXX vessel and for XXXX, other $XXX $XX of million, and and maintenance for Kaimana $XXX support this total reengineering million year. Hila projects we to LNG Phase to and Phase normal the interest is track and Manukai our expenditures including of operations and $XX Manukai Sand

expect For our lower expenditures $XX our in million and maintenance other slightly $XX of XXXX, trending level maintenance capital XXXX. to trending we to year-over-year million to

also projects We LNG the in expect remaining early the payments on XXXX.

vessel project Philly all capital to advances XXXX phases are materially X our and vessels Shipyard. new as expenditures at construction increase XXXX on and And projected the into the in

that, of me XXXX. Slide for outlook let to walk our quarter full With year turn and XX now the and through first

For Ocean in Transportation growth XXXX, expect we income. year-over-year operating

stable. comparable dynamics XXXX we significant to U.S. as a the in in is to to activity remain As be all expect trade economy, spending change tradelanes trajectory consumer-related of across our expected

the for which operating income. year-over-year of challenging For business lead first through expect logistics, segment we we half to to least transportation lower brokerage year, at the business expect conditions

result, a quarterly year income with pattern to in consistent the operating consolidated a approximate XXXX. we with level achieved As the expect seasonality prior

million, to year to full addition $XX dry-dock million. we In income to approximately approximately approximately million interest operating the approximately be of and to inclusive to this year, following depreciation be $XX million, amortization of $X million, the $X income payments rate for and dry-docking other be for $XXX of interest expect approximate and effective million full expense XX% outlook, amortization, tax approximately $XX an income

market outlook cash cash rates and interest invested income as the short-term on factor are the portfolio This current the based X.XX%. money rate outlook not yielding providing in cash we interest well is government does The and tax fixed current as the CCF refund. at income CCF deposits from equivalents and expected

$XX.X logistics quarter operating we Transportation achieved lower first in of be and XXXX, Ocean be to than quarter than in operating the of to XXXX, quarter For income achieved million income of million first the expect the the lower first the XXXX. $XX.X

income be the consolidated As operating in the to prior such, first quarter we expect year. lower than

first weakest to in Year due period period. China has tradelanes Jones historically been to activity Lunar the due seasonality Act of post The quarter the and our our slower a year our in in business New period

business through we challenging conditions as least for noted As I the transportation earlier, half first logistics, year. expect for the brokerage of at

turn the now Matt. call over I'll back to

Matthew Cox

closing Please Thanks, Joel. to Slide go some turn thoughts. XX, I'll where through

of needs good financially. and and our comments, in I to a Matson's is employees business across mentioned the a our in our to had brand introductory customers. Matson As market my positioning testament is the of very both serve operationally position The of strength the segments collective efforts

in We closed XXXX strong financial position. a

service. There with low-cost which expect growth with competitive back pursue vessel as always can uncertainty construction in current remaining our in will new the the we degree view year, and build advantage what they have is we control. the on LNG we We to noise, vessels as X/X the investment-grade in present completed vessel the payments be one remaining project. of a And We finished of focused program balance deposits sheet, to LNG some end themselves. remain funded cash we opportunities fund. milestone of X but those vessel projects by be capital

and foremost, moving XXX remains on reliability operation high-quality company of service First served focus integrity, the success customers. well our schedule our forward. focused and and for our This of vessel we're foundation our for years has delivering

vessel allocation our some value. capital for create Class capital we strategy. our long like new in capital cases, term decisions program. to the decades discipline our many maintain to in build making continue will We We for are invest Aloha And

After expect currently build XXXX mid-XXXXs. service not in expect that, until these do additional to the vessels in XXXX. we vessels be late any We to through

and expenditures, characteristics businesses of We're extensions return looking portfolio also long-term pursuits after but capital we're the brand, returns high-quality continue on always of growth. And of and through natural to our investments acquisitions. dividends. for organic a not attentive the and least, to capital We and to we have to to long-term flow funding cash steadily maintenance leverage businesses built Matson will but last our capital pursuing shareholders

shares repurchase Since the XXXX, for X.X program, shares our when nearly $XXX of then we initiated or share million outstanding XX% repurchased we million.

we forward, be of steady expect buyers Going our shares. to

that, call ask and to will turn back the with the And I questions. operator your for

Operator

day first be Research. the Our of from will Instructions] Wolfe Jacob question [Operator coming for Lacks

Jacob Lacks

pricing a different. dig as well? just there's think Or there XQ I the in start income year-on-year impact the just there? little the is lower a increase your lag in operating And I to big know a year. guess, are wanted rates this to some we've So then bit. driving reason spot into guidance ocean your Transpacific you what's And other price ocean? seen rates expedited why a I will Do

Joel M. Wine

Jake, that. take it's I'll Joel. Yes.

thing volumes had biggest than higher business. bit rates, year were little than the in the in year-over-year year-over-year are we more mentioned, China we first lighter in we the a on a quarter bit less will than the expect -- a bigger So businesses similar Jones Matt are a that the But last little basis. impact as on had The or places year. of Act there. basis, last we our it's change probably volume on

So it's business. primarily China the

or And any But on here environment. material in then haven't really question of rate other we've international seen is the ocean Matt the impact business add our based other is the part that here, there upon said events China too. we what your Red in can Sea shipping.

like of expedited though impacting some price rates the commodity and segment. SCFI necessarily higher, are not So our indices Asia-Europe the even that's

Jacob Lacks

the volumes the seasonality that lower being in Got it. year-on-year Is just first quarter?

Joel M. Wine

year. post-Lunar yes, and little seeing Year, than really this less Yes. -- a annual we're a around more bit bit little last it's New I mean year seasonality, volume

Matthew Cox

Yes.

add just would a little I Matt. color. is this Jake, So more

X Lunar the much is the traditional. mentioned, as the I in This really emerging pattern to year years in have and first Joel for of reasons. homes people XXXX taking shutdown various more kind to that think advantage New abbreviated first Year, see were around the during in that's quarter a are their chance we return had that pandemic of longer to be a period

it's I why us lot a full concern that to to to on year anything about would And in the XXXX. of looks have a than normal is finished still so we're basis, like going year that the outlook, say return part that we think is a consolidated just more year which a our we in

Jacob Lacks

Got it.

sequential like driving a buckets big basis And looks despite volumes. Okay. lower then up that? are That's on in expenses the What it XQ, stepped helpful. operating

Joel M. Wine

XQ, a the are China. on actually Well, volumes Jake, in up quite bit

So and costs, we terminal particularly did costs of in have an a handling higher our year-over-year domestic there's tradelanes fuel basis. year-over-year also also timing of collections. we higher issue And had on

So of basis little bit than XXXX, QX collections XXXX. less timing had we -- we more a bit in little a on a

So of fuel it's price, drivers and in volumes business -- China fuel cost. biggest the were timing actually collections of higher fuel the the

Jacob Lacks

sequentially thinking was from I XQ. to XQ Okay.

Joel M. Wine

Sequentially. fuel was Yes, and fuel, the biggest collections. issue the fuel of there timing

Jacob Lacks

Got it.

then Okay. West back we've imports West Coast. profitability some guess, need do pre-COVID And SSAT get seems back of seems levels? Is Coast seen we've I terms the in of back what like Does it Coast shift to at all? like help or East broader -- just ocean, get... imports we to -- it this this impacting towards

Matthew Cox

good a it's Jake, Yes. question.

renewal. want going our customers closely about how cargo centers decisions at all Panama select factors customers' can around contract the think are to ILA I their the focused. distribution to Sea, imports have of to that in drought where going I know into Canal, many have we think route imports These multiple U.S., the are talked are and talked our the the they customers the -- they're we certainly, inform that the about Red looking we our

we a when so movement closely the that What which by a we see, I renewed in moved at and do capacity cargo, in the the in return looking of of XXXX. minimum, nor we carriers, these that haven't will seen are we any Coast but significant was although any know various off seen customers direction, factors, deployed West I ILWU expect of at while international contract far, customer ocean have changes moves that significant -- say would is

return Coast during So the we the volume West contract expect had to do renewal. left ILW some to that

amount volume some unclear do but The some are expect extent in of year a and not of as we increased 'XX. progresses that the and as result yet present,

Operator

be will Ben question next Stifel. of coming our And from Nolan

Benjamin Nolan

no time, long Matt, Joel, talk.

you bit last normally, be but I So about just about for you -- I -- some talk on levels in #X, and service fair sort wanted of And guess, of being adding you're have -- were really to was demand, you CLX+ demand year. so approximating bit talking you're enough could I in you Slide than equipment. you more volumes just because to I sixth seeing spare. there equipment ship it is it to on or, this as know Is CLX into a dig what a whatever approximate that a and demand sort on more out me know about say now the of talked there, year-over-year missed now said you little MAX little a have it maybe it was and that didn't place

So am volume if just too equal, be much year? that? reading could I Or is even into demand next actually, higher your

Matthew Cox

take Yes, at crack let that. me a

for did course, have the expectation X the weekly know full our of from as we'll what handful we departures into XXXX now, we So except for year of of CLX+. XXXX,

when post-Lunar the of demand market wages New Year could sailing expedited be by CLX single accommodated MAX service. the Now the

ourselves were back I ramped after up period. So think this full post-Lunar once we and what Year we see, New effectively you'll

ship we fundamental in So the sixth changes added of this will that do about in expect not point we be number is really at we've results additional expect there -- expectation no voyage. voyages our

willing rate ensure the rely reserve sail to a on-time not and a to some circumstances customers an is structure. our other MAX weather vessel the that CLX our are stand service either premium there of through as or to event departure because or on That by pay to able for

profile going very not to in terms any that's significant going are introduced of to think thinking to don't I that be there's the in additional our So similar fill ships as a goes a see going year up -- how capacity on. we're you're

Benjamin Nolan

helpful. could, I Okay. if then with And China side. the That's just sticking

in the there, expectation I'm like? of you -- would You curious what higher XXXX for spot in in freight look versus just being is on a are your contract Slide rates talked sort how the about little much #X than of XXXX. that

Joel M. Wine

I'll than the that as in first right end not And Well, now, year. saying they pricing which that consistent New the take they January, toward will part they after the were the into point January, the then be their saying and March, entire than is level we're were the of February throughout Ben, we're in higher a Year throughout interested is year. -- Lunar found February. year about last ramp-up higher first, we the pretty What rates saying April, reported we're what rates of are at then

the So were But we're China rates be general volume and January different business. is seeing overall except the we in said, what and side that in should where that higher that not demand rate the than February, started. on the

out So But moves X-, rates basis. the X-week we still that's forwarders as whole about short-term the have a comment contracts. our the majority significant see the certainly freight change customers. percentage year. then with question the X-, of for important contracts, contract don't on We And the of on freight in

Benjamin Nolan

me, Okay. And All on Alaska. for then right. just last

drilling you market there from it a and here? doing as always in -- as or are what to Alaska recall, where been, and the had you you're might doing could touch the You bit Are opportunities program. to lack logistics be part little that time business add or activity more perhaps inorganically, energy organically I activity a and of more bit in said that there a either -- business points mentioned add emerging anticipating little

Matthew Cox

short Yes, the I think answer is yes.

strong of focused we Matson our our growth really think X, it Logistics do -- state, on comments, acquisition or X Ocean continued than in years I We've But segments in distribution business, there has as Fairbanks are the invested like since prepared Alaska led and X in and that segment. the we was the in on. grow on focused feel to X X of business -- Anchorage of we to ago, really, One, course, acquisition, facilities, faster the in have I new in that X in X. X areas that side, Transportation about market. that Span talked have growth

to oil and company the on, gas and our in now from -- our right are And of exploration now, the growing the Horizon and seeing projects, segment Lines, not dynamics at in looking and we that of it Alaska aware had And large customers additional we our we're freight production. very previous multiyear focused is production in flows. a good. One and much for are component expect benefit as that volume drilling

Asia in scope of to the course, and one, in other The our primarily of Harbor Dutch international seafood of services. exports markets Aleutian seafood is outside buyers -- on the islands, Kodiak and

are moving that to into. both segments grown ourselves directly those those see more seen growth forward. the we've And X frankly, of so And continue that most opportunities we've verticals in we

Operator

be of will coming Stephens. [Operator Instructions] Our next Jack question from Atkins

Grant Smith

Previously, This extension perhaps Matson I related seeing Red kind just China likely logistics that think on it you talked Sea. like brand. you're as to the you targets on what side, Jack. M&A within is seeing about to the you Matt, to or Transportation Ocean for other relates tradelanes the in -- events have update Logistics guys the to maybe in mentioned opportunities Could natural of maybe you us Grant on segment. and are South

Matthew Cox

organic is out and And we're growth at quality see keep businesses in Alaska services in rail I to watchful would We be of were new valuations some continue pandemic We've valuations That's profit when a whether We that at for investment that I capability. for we say now, Thanks it. underwriting Logistics we an close businesses good service. would are as elevated would acquisitions to rail there's organic XX-foot those look keep eye growth our boxes out tuck-in of on say Mexico, their the borne well, to the elevated forecasts initiatives, in right small eye forecast extensions, it's example, growth a look fit in our Yes, done we financial our I initiative. look while on elevated on or say vertical. boom. question. the that fleet sure. a profile. past still relatively brand both do to think of base -- would our going beyond and

To CLX Shanghai over direct with services our our connect partners about to or point connecting expanded to Vietnam, service China, meet your services. we from our offering, have which MAX

with the growth into continued expand of of China markets. our business expect origins a working to out partners in We nearby

So are those which of continue a over of ways to couple to examples in expect grow time. we just

Operator

And session conclude conference today. ahead. like go Q&A over for closing the back that the Matt to remarks. CEO, would now Please to Cox, I for does turn

Matthew Cox

operator. Thanks, the Aloha. We for to look forward tuning quarter at everyone catching Okay. up today. with in Thanks first call.

Operator

conclude conference you This for joining. Thank call. all today's does

disconnect. may You

Matson (MATX) 20 Feb 242023 Q4 Earnings call transcript