HONOLULU, April 27,
2023 /PRNewswire/ -- The Board of Directors of
Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the Pacific,
approved adding three million shares to the existing nine million
share repurchase program and extending the program to December 31, 2025. As of April 26, 2023, the existing share repurchase
program had approximately 0.7 million shares remaining. The Board
also declared a second quarter dividend of $0.31 per common share. The dividend will be paid
on June 1, 2023 to all shareholders
of record as of the close of business on May
11, 2023.
![Matson Logo. (PRNewsFoto/Matson) Matson Logo. (PRNewsFoto/Matson)](https://mma.prnewswire.com/media/128194/matson_logo.jpg)
"We are pleased to announce an additional three million shares
to our existing share repurchase program," said Matt Cox, Matson's Chairman and Chief Executive
Officer. "Since we commenced our share repurchase program in
August 2021, we have repurchased
approximately 8.3 million shares for a total cost of nearly
$650 million. Going forward, we will
continue to be both disciplined and opportunistic in our capital
allocation, and we remain committed to returning excess cash to
shareholders 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 of ocean freight transportation services 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
ports in Alaska 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 and Asia. Its integrated, asset-light logistics
services include rail intermodal, highway brokerage, warehousing,
freight consolidation, supply chain management, and freight
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/matson-announces-addition-of-3-million-shares-to-existing-share-repurchase-program-and-quarterly-dividend-of-0-31-per-share-301810237.html
SOURCE Matson, Inc.