Matson (MATX) FY2021 results: revenue $3.9 billion, up 64.7% on the year

Matson, Inc. (MATX) reported revenue of $3.9 billion for fiscal 2021, the year ended 31 December 2021, up 64.7% on the year before. Net income was $927 million, up 380.3%, and diluted earnings per share $21.47. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$3.9 billion

+64.7% on the year

FY2014FY2021

Operating margin

30.3%

11.8% a year earlier

FY2014FY2021

Net income

$927 million

+380.3% on the year

FY2014FY2021

Diluted EPS

$21.47

+383.6% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	3,925	2,383	2,203	+64.7%
Selling, general and administrative	236	225	217	+5.1%
Operating income	1,188	280	129	+323.7%
Operating margin	30.3%	11.8%	5.9%
Interest expense	22.6	27.4	22.5	-17.5%
Pre-tax income	1,171	259	108	+352.2%
Income tax	244	65.9	25.1	+270.1%
Effective tax rate	20.8%	25.4%	23.3%
Net income	927	193	82.7	+380.3%
Net margin	23.6%	8.1%	3.8%
Diluted EPS	$21.47	$4.44	$1.91	+383.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	984	430	249	+129.0%
Cash from investing	-323	-177	-307
Cash from financing	-393	-262	62.0
Depreciation and amortisation	128	115	100	+11.4%
Share-based compensation	19.3	18.8	11.3	+2.7%
Buybacks	198	n/a	n/a
Dividends paid	45.9	39.2	37.2	+17.1%
Dividend per share	$1.06	$0.90	$0.86	+17.8%
Diluted shares, weighted	43m	44m	43m	-0.7%
Shares outstanding at period end	41m	43m	43m	-5.1%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,667	961	806	+73.5%
Short-term borrowings	65.0	59.2	48.4	+9.8%
Debt	629	760	958	-17.2%
Operating lease liabilities	307	187	198	+64.5%
Other liabilities	1,024	933	835	+9.8%
Total liabilities and equity	3,693	2,901	2,845	+27.3%
Fixed assets	1,878	1,690	1,598	+11.1%
Goodwill	328	328	328	0.0%
Intangible assets	181	192	203	-5.7%
Cash and equivalents	282	14.4	21.2	+1,861.1%
Receivables	344	253	206	+35.6%
Other assets	680	423	490	+60.7%
Total assets	3,693	2,901	2,845	+27.3%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.