US shipping company Matson has reported net income of US$94.7 million, or US$2.92 per diluted share, for the quarter ended June 30, 2025.
Net income for the quarter ended June 30, 2024 was US$113.2 million, or US$3.31 per diluted share. Consolidated revenue for the second quarter of 2025 was US$830.5 million compared with US$847.4 million for the second quarter of 2024.
"Our second quarter financial performance exceeded our expectations amid the challenges of market uncertainty and volatility arising from tariffs and global trade," Matt Cox, Matson's Chairman and Chief Executive Officer, commented.
"In ocean transportation, our operating income was lower year-over-year primarily due to lower year-over-year volume in our China service. At the onset of tariffs in April, our China service experienced significantly lower year-over-year freight demand, but starting in mid-May, our transpacific services saw a rebound in demand after the US and China agreed to a temporary reduced level of tariffs."
Cox said that, during the second quarter, Matson, "also moved with [its] customers as they shifted production throughout Asia in response to the tariffs, which resulted in higher container volume levels outside of China than the levels achieved in the first quarter."
In domestic tradelanes, Matson saw higher year-over-year volume in Hawaii and Alaska and lower year-over-year volume in Guam. In logistics, operating income was lower year-over-year primarily due to a lower contribution from transportation brokerage.
"Looking ahead, we expect uncertainty regarding tariffs and global trade, regulatory measures, the trajectory of the US economy and other geopolitical factors to continue," said Cox.
"Assuming these factors do not materially change from current conditions, for the full year, we expect ocean transportation operating income to be higher than the guidance we provided in early May, but moderately lower than the level achieved in the prior year."
Cox said Matson also expects its logistics segment's full year operating income to be comparable to the level achieved in the prior year, while for Q3 2025, the ocean transportation segment's operating income will be lower than the US$226.9 million achieved in Q3 2024 primarily due to lower year-over-year freight rates and volume in the company's China service.
"For logistics, in the third quarter 2025, we expect operating income to be comparable to the level achieved in the same period last year," said Cox.