Matson (MATX) FY2022 results: revenue $4.3 billion, up 10.6% on the year

Matson, Inc. (MATX) reported revenue of $4.3 billion for fiscal 2022, the year ended 31 December 2022, up 10.6% on the year before. Net income was $1.1 billion, up 14.7%, and diluted earnings per share $27.07. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$4.3 billion

+10.6% on the year

FY2015FY2022

Operating margin

31.2%

30.3% a year earlier

FY2015FY2022

Net income

$1.1 billion

+14.7% on the year

FY2015FY2022

Diluted EPS

$27.07

+26.1% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	4,343	3,925	2,383	+10.6%
Selling, general and administrative	261	236	225	+10.4%
Operating income	1,354	1,188	280	+14.0%
Operating margin	31.2%	30.3%	11.8%
Interest expense	18.0	22.6	27.4	-20.4%
Pre-tax income	1,352	1,171	259	+15.5%
Income tax	288	244	65.9	+18.2%
Effective tax rate	21.3%	20.8%	25.4%
Net income	1,064	927	193	+14.7%
Net margin	24.5%	23.6%	8.1%
Diluted EPS	$27.07	$21.47	$4.44	+26.1%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	1,272	984	430	+29.2%
Capital expenditure	209	n/a	n/a
Free cash flow	1,063	n/a	n/a
Free cash flow margin	24.5%	n/a	n/a
Cash from investing	-729	-323	-177
Cash from financing	-577	-393	-262
Depreciation and amortisation	135	128	115	+5.4%
Share-based compensation	18.3	19.3	18.8	-5.2%
Buybacks	397	198	n/a	+100.2%
Dividends paid	48.0	45.9	39.2	+4.6%
Dividend per share	$1.22	$1.06	$0.90	+15.1%
Diluted shares, weighted	39m	43m	44m	-9.0%
Shares outstanding at period end	36m	41m	43m	-11.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,297	1,667	961	+37.8%
Short-term borrowings	76.9	65.0	59.2	+18.3%
Debt	518	629	760	-17.7%
Operating lease liabilities	262	307	187	-14.6%
Other liabilities	1,176	1,024	933	+14.8%
Total liabilities and equity	4,330	3,693	2,901	+17.2%
Fixed assets	1,962	1,878	1,690	+4.5%
Goodwill	328	328	328	0.0%
Intangible assets	175	181	192	-3.4%
Cash and equivalents	250	282	14.4	-11.5%
Receivables	268	344	253	-21.9%
Other assets	1,346	680	423	+98.1%
Total assets	4,330	3,693	2,901	+17.2%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.