HONOLULU, Jan. 27, 2022 /PRNewswire/ -- The Board of
Directors of Matson, Inc. (NYSE: MATX), a leading U.S. carrier in
the Pacific, today declared a first quarter dividend of
$0.30 per common share. The
dividend will be paid on March 3,
2022 to all shareholders of record as of the close of
business on February 10, 2022.
The Board also approved adding three million shares, or
approximately seven percent of outstanding common shares, to the
existing three million share repurchase program, to be effective
after the announcement of Matson's fourth quarter 2021 financial
results on or about February 17,
2022. As of January 26, 2022,
the existing share repurchase program had approximately 0.3 million
shares remaining.
![Matson Logo. (PRNewsFoto/Matson) Matson Logo. (PRNewsFoto/Matson)](https://mma.prnewswire.com/media/128194/matson_logo.jpg)
"We are pleased to announce the addition of three million shares
to our existing share repurchase program," said Matt Cox, Matson's Chairman and Chief Executive
Officer. "We will be both disciplined and opportunistic in
our capital allocation, and we remain committed to return excess
cash to shareholders as a means to create additional shareholder
value over the long-term."
Shares will be repurchased in the open market from time to time
at the Company's discretion, based on ongoing assessments of the
capital needs of the business, the market price of its common
shares and general market conditions. The Company may enter
into Rule 10b5-1 plans to facilitate purchases under the program.
The repurchase program may be suspended or discontinued at
any time.
About the Company
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.
Forward Looking Statements
Statements in this news
release that are not historical facts are "forward-looking
statements," within the meaning of the Private Securities
Litigation Reform Act of 1995, that involve a number of risks and
uncertainties that could cause actual results to differ materially
from those contemplated by the relevant forward-looking statement,
including but not limited to, statements about capital allocation
plans and the timing, manner and volume of repurchases of common
shares pursuant to the repurchase program. These
forward-looking statements are not guarantees of future
performance. This release should be read in conjunction with
our Annual Report on Form 10-K and our other filings with the SEC
through the date of this release, which identify important factors
that could affect the forward-looking statements in this
release. We do not undertake any obligation to update our
forward-looking statements.
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SOURCE Matson, Inc.