Matson Inc jumps on better-than-expected Q1 net income forecast

Matson

20/04/2023 16:47

** Shares of ocean transport and logistics provider Matson
Inc  MATX.N  rise 10% to $68.89
    ** Co expects Q1 2023 net income between $29.3 mln and
$33.8 mln, which is ahead of analyst expectations of $27.6 mln
    ** CEO Matt Cox says "regardless of the economic
environment, we expect to continue to earn a significant rate
(of) premium to the Shanghai Containerized Freight Index"
    ** Stifel says while Matson's results in the ocean
transportation segment were a fraction of that in Q1 2022, the
company remained solidly profitable against a backdrop that
appears to be bottoming
    ** In February, the company said its financial performance
in Q1 2023 would be the weakest of the year 
    ** Co to report results on May 4
    ** MATX was the top boost to Dow Jones Transports index
 .DJT , which hit its highest level in over a month and
outperformed broader market  .SPX 

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))