Matson Rises As Revenue Soars In Q4

(RTTNews) - Shares of ocean transportation and logistics services provider, Matson, Inc. (MATX) are rising more than 10% Friday morning after reporting above 100% revenue growth in the fourth quarter.

Revenue for the quarter increased more than 100% to $1.267 billion from $700.1 million last year, driven by surge in ocean transportation revenue.

Net income in the fourth quarter was $394.5 million, or $9.39 per share, significantly higher than $85.6 million, or $1.96 per share in the same quarter a year ago.

"Within Ocean Transportation, our China service continued to see significant demand for its expedited ocean services as volume for e-commerce, garments and other goods remained elevated. Supply chain congestion remains the current issue in the Transpacific tradelane due to ongoing elevated consumption trends, U.S. domestic supply chain constraints, and inventory restocking. For 2022, we expect these conditions to remain largely in place through at least the October peak season and expect elevated demand for our China service for most of the year," said Chairman and Chief Executive Officer Matt Cox.

MATX is at $96.97 currently. It has been trading in the range of $59.65-$101.72 in the past 52 weeks.