MATSON INCREASES QUARTERLY DIVIDEND TO $0.31 PER SHARE
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Rhea-AI Summary
Matson, Inc. (NYSE: MATX) announced a $0.31 per share dividend for Q3 2022, representing a 3.3% increase over the previous quarter. This marks the tenth consecutive annual dividend increase, reflecting the Board's confidence in long-term free cash flow growth. The dividend will be payable on September 1, 2022 to shareholders on record by August 4, 2022. CEO Matt Cox emphasized a disciplined capital allocation approach, prioritizing dividends, maintaining operations, and funding growth opportunities while sustaining an investment-grade balance sheet.
Positive
- Dividend increased by 3.3% to $0.31 per share.
- Tenth consecutive annual dividend increase.
- Demonstrates confidence in long-term cash flow growth.
Negative
- None.
Details
News Market Reaction – MATX
The recorded move for MATX in the trading session of this news was +4.24%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HONOLULU, June 22, 2022 /PRNewswire/ -- The Board of Directors of Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the Pacific, today declared a third quarter dividend of
"This announcement marks the tenth consecutive annual increase to Matson's quarterly dividend, underscoring our Board's confidence in our long-term free cash flow growth," said Matt Cox, Matson's Chairman and Chief Executive Officer. "We are disciplined in our approach to capital allocation and are committed to the return of excess capital to shareholders after funding our dividend, supporting our operations with maintenance capital, and investing in organic and inorganic growth opportunities, while maintaining an investment grade balance sheet."
Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, provides service to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Dutch Harbor to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and custom-designed barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America. Its integrated, asset-light logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, Asia supply chain services, and forwarding to Alaska. Additional information about the Company is available at www.matson.com.
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SOURCE Matson, Inc.
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