Technology
Custom Web3 Applications for Enterprises – Nadcab Labs, the Web3 Development Company of Choice
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4 weeks agoon
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NEW DELHI, Jan. 31, 2025 /PRNewswire/ — Nadcab Labs, a leading Web3 development company, is reforming the way businesses approach digital transformation, with the introduction of custom Web3 applications tailored to the unique needs of enterprises. In an era where decentralized technologies are reshaping industries, Nadcab Labs is at the forefront, offering comprehensive Web3 development services that empower businesses to harness the potential of blockchain, smart contracts, and decentralized applications (dApps).
As organizations strive to stay competitive in the rapidly evolving digital landscape, the demand for Web3 game development services, blockchain-powered solutions, and decentralized ecosystems is growing. Nadcab Labs stands as a trusted partner for enterprises looking to develop bespoke, scalable, and secure Web3 applications. Their specialized approach ensures that businesses can seamlessly integrate blockchain technology to optimize operations, increase transparency, and provide better value to their customers.
“Nadcab Labs is not just a service provider, but a partner in the journey of transforming traditional business models into future-proof, decentralized solutions. With our expertise in Web3 development services, we empower enterprises to unlock new opportunities, innovate at scale, and achieve higher efficiency,” said Aman Vaths, Founder of Nadcab Labs.
At the heart of Nadcab’s offerings is its ability to deliver tailored solutions in the realm of blockchain development. With an in-depth understanding of various industries, including finance, healthcare, logistics, and supply chain, Nadcab Labs ensures that its Web3 applications meet the highest standards of security, scalability, and performance. These solutions help businesses automate processes, manage data securely, and create decentralized platforms that are both functional and user-centric.
One of the key highlights of Nadcab Labs’ services is their proficiency in Web3 game development services, where they are enabling gaming companies to create immersive decentralized games that offer true ownership of in-game assets, transparency, and secure transactions. As the gaming industry increasingly embraces blockchain technology, Nadcab Labs has emerged as a leader in offering Web3 game development services that push the boundaries of what’s possible in the gaming world.
Nadcab Labs also specializes in the development of decentralized applications (dApps), enabling businesses to operate beyond the traditional boundaries of centralized control. By leveraging blockchain technology, these applications offer enhanced security, transparency, and trust. Nadcab’s Web3 development company services are designed to create dApps that deliver seamless experiences for users while ensuring businesses can maintain control over critical aspects like data privacy, compliance, and scalability.
The decentralized finance (DeFi) space is one of the most promising areas where Nadcab Labs is making a significant impact. By offering specialized blockchain development services for DeFi platforms, Nadcab Labs ensures that businesses can create secure, efficient, and transparent decentralized financial services. From smart contract development to cross-chain integration, Nadcab Labs provides a full suite of Web3 development services that help DeFi platforms grow and scale effectively.
With the rapid rise of DeFi platforms, enterprises are increasingly seeking reliable, scalable, and secure blockchain solutions to meet the evolving demands of their users. Recognizing this need, Nadcab Labs has positioned itself as a trusted partner for DeFi projects, offering cutting-edge blockchain development tools designed to enhance security, improve user experience, and provide a solid foundation for future growth. By delivering innovative and robust solutions, Nadcab Labs ensures that DeFi platforms can operate with confidence, scalability, and efficiency in an ever-changing digital landscape.
Moreover, Nadcab Labs is committed to integrating next-gen technologies such as Artificial Intelligence (AI) and Machine Learning (ML) into Web3 applications. This integration helps businesses automate critical decision-making processes, enhance the functionality of smart contracts, and create self-executing agreements that are both more efficient and adaptable to changing business conditions.
With Nadcab Labs’ advanced approach to blockchain development, enterprises can expect not just basic functionalities but also a comprehensive set of features that enhance the overall value of their decentralized solutions. Some of the innovative features integrated into their Web3 applications include automated dispute resolution, governance token models, and enhanced privacy measures, setting the stage for next-generation decentralized ecosystems.
Nadcab Labs continues to set the standard for innovation in Web3 development services, offering businesses the tools they need to thrive in the decentralized economy. Whether it’s blockchain solutions for finance, healthcare, or gaming, Nadcab Labs provides end-to-end support, from ideation to deployment and beyond. Their commitment to excellence and customer satisfaction ensures that every Web3 application they develop is optimized for performance, security, and scalability.
To learn more about Nadcab Labs’ Web3 development services and how their custom blockchain solutions can transform one’s enterprise, visit www.nadcab.com.
Media Contact:
Enjilla
Marketing Executive, Nadcab Labs
Email: info@nadcab.com
Phone: +91 7880936432
Social Media Links
Facebook – https://www.facebook.com/nadcablabs
Twitter – https://twitter.com/nadcablabs
LinkedIn – https://www.linkedin.com/company/nadcablabs
Instagram – https://www.instagram.com/nadcablabs/
YouTube – https://www.youtube.com/@nadcablabs
Logo: https://mma.prnewswire.com/media/2595209/5109428/Nadcab_Labs_Logo.jpg
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Technology
Haivision to Announce First Quarter Fiscal 2025 Financial Results on March 13, 2025
Published
3 seconds agoon
February 25, 2025By
MONTREAL, Feb. 25, 2025 /CNW/ – Haivision Systems Inc. (“Haivision”) (TSX: HAI), a leading global provider of mission critical, real-time video networking and visual collaboration solutions, plans to announce financial results for its first quarter ended January 31, 2025 after markets close on Thursday, March 13, 2025.
Haivision’s management team will host a conference call to discuss first quarter fiscal 2025 results at 5:15 p.m. ET on Thursday March 13, 2025.
To register for this conference call, use the link: https://registrations.events/direct/Q4I3341488. After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry. Registration is open through the live call, to ensure you are connected for the full call we suggest registering a day in advance or at minimum 10 minutes before the start of the conference call. Alternatively, you can access the webcast through this link: https://events.q4inc.com/attendee/434397605.
A replay of the Conference Call will be available approximately two hours following the completion of the call. The same registration link will be live for participants to receive a unique access code and dial-in number to listen to the playback.
About Haivision
Haivision is a leading global provider of mission-critical, real-time networking and visual collaboration solutions. Our connected cloud and intelligent edge technologies enable organizations to engage audiences, enhance collaboration, and support decision making. We provide high quality, low latency, secure, and reliable live video at a global scale. Haivision open sourced its award-winning SRT low latency video streaming protocol and founded the SRT Alliance to support its adoption. Awarded an Emmy® for Technology and Engineering from the National Academy of Television Arts and Sciences, Haivision continues to fuel the future of IP video transformation. Founded in 2004, Haivision is headquartered in Montreal and Chicago with offices, sales, and support located throughout the Americas, Europe, and Asia. To learn more, visit Haivision www.haivision.com.
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SOURCE Haivision Systems Inc.
Technology
Socket Mobile Reports Fourth Quarter 2024 and Full Year Results
Published
59 minutes agoon
February 25, 2025By
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FREMONT, Calif., Feb. 25, 2025 /PRNewswire/ — Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced workplace productivity, today reported financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”) for the three and twelve months ended December 31, 2024.
Fourth Quarter 2024 Financial Highlights:
Revenue of $4.8 million, a 10% increase compared to $4.4 million in the comparable prior year quarter and a 25% increase sequentially compared to $3.9 million in Q3 2024.
Gross margin of 51.0% compared with 52.8% in the prior year quarter and 49.0% in the preceding quarter.
Operating loss was $411,000 compared to an operating loss of $476,000 a year ago and an operating loss of $1,031,000 in the preceding quarter.
Diluted earnings per share of $0.00 compared to diluted earnings per share of $0.08 a year ago and a net loss per share of ($0.15) in the prior quarter.
Full Year 2024 Financial Highlights:
Revenue for the full year of 2024 was $18.8 million versus $17.0 million in 2023, an increase of 10.2% year-over-year.
Gross margin for 2024 was 50.4% compared to 49.7% in 2023.
Operating loss was $2.5 million in 2024 compared to operating loss of $3.1 million in 2023.
Net loss per share of ($0.30), compared to a net loss per share of ($0.27) in the prior year.
“Our financial performance in both Q4 and 2024 improved compared to 2023, driven by the growth of our business serving retail POS application providers. Adoption in the warehousing and logistics sectors is taking longer than expected. Through our evaluation, we’ve identified key areas for improvement and are taking steps to strengthen our position,” said Kevin Mills, President, and Chief Executive Officer.
“In 2024, we focused on expanding our market presence with the launch of several new products. The XtremeScan product family grew with the introduction of XtremeScan Mag devices—XS630, XS640, XG630, and XG640—designed for the increasing number of workers who use a single phone for both personal and business needs. The Bring Your Own Device (BYOD) category represents a significant yet underserved market where we see strong growth potential. The BYOD XtremeScan products are complementary to the Xtreme version and use dedicated iPhones.
Additionally, we introduced the S320, our first countertop QR Code Payment Reader, offering a versatile solution for retail POS application providers. Beyond QR Code payment processing, the S320 supports age verification, access control, ticket validation, loyalty programs, and couponing. We also updated our CaptureSDK and our entire line of barcode scanners and NFC reader/writers to be fully compatible with iOS 18,” continued Mr. Mills.
“As part of our ongoing efforts to enhance customer engagement, we launched a new website and an updated developer portal, Alfred—an AI-powered tool that provides CaptureSDK developers with 24/7 multilingual support. The improved platform offers streamlined navigation and content, making it easier for users to access resources and explore our full range of solutions.”
“Looking ahead, we remain committed to innovation, expanding our product offerings, and strengthening our market position. By improving our technology and customer support, we are building a solid foundation for the future. We appreciate the support of our customers and partners as we move forward,” concluded Mills.
Conference Call
The management of Socket Mobile will hold a conference call today at 2 P.M. Pacific (5 P.M. Eastern) to discuss the quarterly and year-end results and outlook for the future. The dial-in number to access the live conference call is (800) 237-1091, toll-free from within the U.S., or (848) 488-9280 (toll).
About Socket Mobile, Inc.
Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile’s revenue is primarily driven by the deployment of third-party barcode-enabled mobile applications that integrate Socket Mobile’s cordless barcode scanners and contactless readers/writers. Mobile Applications servicing the specialty retailer, field service, digital ID, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Fremont, Calif., and can be reached at +1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on LinkedIn, X, and keep up with our latest News and Updates.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding new mobile computers and data collection products, including details on the timing, distribution, and market acceptance of the products, and statements predicting trends, sales, market conditions, and opportunities in the markets in which we sell our products. Such statements involve risks and uncertainties, and actual results could differ materially from the results anticipated in such forward-looking statements as a result of a number of factors, including, but not limited to, the risk that our new products may be delayed or not rollout as predicted, if ever, due to technological, market, or financial factors, including the availability of necessary working capital, the risk that market acceptance and sales opportunities may not happen as anticipated, the risk that our application partners and current distribution channels may choose not to distribute the new products or may not be successful in doing so, the risk that acceptance of our new products in vertical application markets may not happen as anticipated, and other risks described in our most recent Form 10-K and 10-Q reports filed with the Securities and Exchange Commission.
Socket Mobile Investor Contact:
Lynn Zhao
Chief Financial Officer
510-933-3016
lynn@socketmobile.com
Socket is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners.
© 2025, Socket Mobile, Inc. All rights reserved.
– Financial tables to follow –
Socket Mobile, Inc.
Condensed Summary Statements of Operations
(Amounts in thousands except per share amounts)
Year ended Dec 31,
Three months ended Dec 31,
(Unaudited)
2024
2023*
(Unaudited)
2024
2023*
Revenue
$ 18,763
$ 17,034
$ 4,831
$ 4,398
Cost of revenue
9,311
8,571
2,366
2,078
Gross profit
9,452
8,463
2,465
2,320
Gross profit percent
50.4 %
49.7 %
51.0 %
52.8 %
Research & development
4,721
4,832
1,119
1,188
Sales & marketing
4,414
4,016
1,106
1,003
General & administrative
2,779
2,736
651
605
Total operating expenses
11,914
11,584
2,876
2,796
Operating income (loss)
(2,462)
(3,121)
(411)
(476)
Interest expense
(331)
(242)
(102)
(72)
Loss before income taxes
(2,793)
(3,363)
(513)
(548)
Deferred income tax benefit (expense)
551
1,444
551
1,460
Net income (loss)
$ (2,242)
$ (1,919)
$ 38
$ 912
Net income (loss) per share:
Basic
$ (0.30)
$ (0.27)
$ 0.00
$ 0.11
Fully diluted
$ (0.30)
$ (0.27)
$ 0.00
$ 0.08
Weighted average shares outstanding:
Basic
Fully diluted
7,558
7,558
7,230
7,230
7,605
7,703
7,327
9,486
*Derived from audited financial statements.
Socket Mobile, Inc.
Condensed Summary Balance Sheets
(Amounts in Thousands)
(Unaudited)
December 31, 2024
December 31,
2023*
Cash
$ 2,492
$ 2,827
Accounts receivable
1,588
1,700
Inventories
4,942
5,409
Deferred costs on shipments to distributors
Other current assets
143
431
323
441
Property and equipment, net
2,787
3,033
Deferred tax assets
10,663
10,112
Intangible assets, net
1,432
1,559
Operating leases right-of-use assets
2,604
3,088
Other long-term assets
264
250
Total assets
$ 27,346
$ 28,742
Accounts payable and accrued liabilities
$ 1,977
$ 2,185
Subordinated convertible notes payable, net of discount
150
150
Subordinated convertible notes payable, net of discount-related party
3,818
2,836
Deferred revenue on shipments to distributors
392
826
Deferred service revenue
31
33
Operating lease liabilities
2,817
3,292
Total liabilities
9,185
9,322
Common stock
69,374
68,391
Accumulated deficit
(50,175)
(47,933)
Treasury stock
(1,038)
(1,038)
Total equity
18,161
19,420
Total liabilities and equity
$ 27,346
$ 28,742
*Derived from audited financial statements.
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SOURCE Socket Mobile, Inc.
Technology
MATSON, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 RESULTS; PROVIDES 2025 OUTLOOK
Published
59 minutes agoon
February 25, 2025By
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4Q24 EPS of $3.80Full Year 2024 EPS of $13.93Full Year 2024 Net Income and EBITDA of $476.4 million and $738.9 million, respectively1Q25 Consolidated Operating income expected to be meaningfully higher year-over-year2025 Consolidated Operating Income dependent on timing of Red Sea normalization and other factors
HONOLULU, Feb. 25, 2025 /PRNewswire/ — Matson, Inc. (“Matson” or the “Company”) (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $128.0 million, or $3.80 per diluted share, for the quarter ended December 31, 2024. Net income for the quarter ended December 31, 2023 was $62.4 million, or $1.78 per diluted share. Consolidated revenue for the fourth quarter 2024 was $890.3 million compared with $788.9 million for the fourth quarter 2023.
“Matson had a very strong fourth quarter that exceeded our expectations, capping off a strong year. For the quarter, our China service was the primary driver of the year-over-year increase in Ocean Transportation and consolidated operating income. We saw seasonally stronger freight demand with significantly higher year-over-year freight rates for our industry-leading CLX and MAX services. In Logistics, operating income increased year-over-year primarily due to a higher contribution from supply chain management. For the full year 2024, our consolidated operating income increased year-over-year primarily driven by significantly higher freight rates in our China service. The higher freight rates, which started in the middle of the second quarter and remained through year end, were supported by a resilient U.S. economy and a stable consumer demand environment coupled with tighter supply chain conditions.”
Mr. Cox added, “Looking ahead, we expect elevated freight rates in our China service to continue into the first quarter 2025. Beyond the first quarter, our China service rates will largely be driven by the timing of trade flow normalization in the Red Sea, other geopolitical factors, supply chain activity and the trajectory of the U.S. economy. With respect to the Red Sea, assuming trade conditions normalize by the middle of the year, we expect freight rates in our China service to moderate in the second half of the year. However, if the Red Sea remains disrupted through year end, we expect our freight rates in China to remain elevated throughout the year. For our domestic tradelanes in 2025, we expect volume in Guam to be modestly higher than the levels achieved in 2024 and volume in Hawaii and Alaska to approximate the levels achieved in 2024. For Logistics in 2025, we expect modestly lower operating income due to challenging business conditions for transportation brokerage and a lower contribution from supply chain management.”
“As a result, for the first quarter 2025, we expect Matson’s consolidated operating income to be meaningfully higher than the level achieved in the same period last year. We expect full year 2025 consolidated operating income to be largely driven by the timing of trade flow normalization in the Red Sea, other geopolitical factors, supply chain activity and the trajectory of the U.S. economy. Assuming trade conditions in the Red Sea normalize by the middle of the year and there are no significant changes from today in the other factors referenced above, we expect full year 2025 consolidated operating income to be moderately lower than the level achieved last year. However, if trade conditions in the Red Sea remain disrupted through year end and there are no significant changes from today in the other factors noted above, we expect our full year 2025 consolidated operating income to approach the level achieved in 2024.”
Fourth Quarter 2024 Discussion and Outlook for 2025
Ocean Transportation: The Company’s container volume in the Hawaii service in the fourth quarter 2024 was 1.7 percent lower year-over-year. The decrease was primarily due to lower general demand. Hawaii’s economy is expected to continue to grow slowly supported by modest gains in tourism, a low unemployment rate, and increased construction activity, but partially restrained by continued challenges in population growth and lower discretionary income as a result of high inflation and interest rates. The Company expects volume in 2025 to be comparable to the level achieved in 2024, reflecting modest economic growth in Hawaii and stable market share.
In China, the Company achieved significantly higher freight rates in the fourth quarter 2024 compared to the year ago period. The Company’s container volume in the fourth quarter 2024 also increased 7.2 percent year-over-year due to seasonally stronger freight demand. The elevated freight rates in the fourth quarter 2024 were supported by a resilient U.S. economy and a stable consumer demand environment coupled with tighter supply chain conditions. The Company expects elevated freight rates to continue into the first quarter 2025. Beyond the first quarter, the Company expects freight rates will largely be driven by the timing of trade flow normalization in the Red Sea, other geopolitical factors, supply chain activity and the trajectory of the U.S. economy. With respect to the Red Sea, assuming trade conditions normalize by the middle of the year, the Company expects freight rates to moderate in the second half of the year. However, if the Red Sea remains disrupted through year end, the Company expects freight rates to remain elevated throughout the year.
In Guam, the Company’s container volume in the fourth quarter 2024 decreased 10.0 percent year-over-year. The decrease was primarily due to lower demand from retail and food and beverage segments. In the near term, the Company expects Guam’s economy to grow modestly supported by a low unemployment rate and an increase in construction activity. For the full year 2025, the Company expects volume to be modestly higher than the level achieved last year.
In Alaska, the Company’s container volume for the fourth quarter 2024 increased 1.1 percent year-over-year. The increase was primarily due to higher northbound volume, partially offset by an additional sailing in the year ago period. In the near term, the Company expects continued economic growth in Alaska supported by a low unemployment rate, jobs growth and continued oil and gas exploration and production activity. For the full year 2025, the Company expects volume to approximate the level achieved last year.
The loss in the fourth quarter 2024 from the Company’s SSAT joint venture investment was $9.5 million, or $13.6 million lower than the income of $4.1 million in fourth quarter 2023. The decrease was due to a $18.4 million impairment charge related to the write-down of a terminal operating lease asset, partially offset by higher year-over-year lift volume. On an after-tax basis, the impairment charge impacted fourth quarter 2024 net income and diluted EPS by $14.0 million and $0.42 per share, respectively. For 2025, the Company expects the contribution from SSAT to approximate the level achieved in 2024, without taking into account the $18.4 million impairment charge in the fourth quarter 2024.
Based on the outlook trends noted above, the Company expects Ocean Transportation operating income for the first quarter 2025 to be meaningfully higher than the $27.6 million achieved in the first quarter 2024. For full year 2025, the Company expects Ocean Transportation operating income to be largely driven by the timing of trade flow normalization in the Red Sea, other geopolitical factors, supply chain activity and the trajectory of the U.S. economy. Assuming trade conditions in the Red Sea normalize by the middle of the year and there are no significant changes from today in the other factors referenced above, the Company expects full year 2025 Ocean Transportation operating income to be moderately lower than the $500.9 million achieved in 2024. However, if trade conditions in the Red Sea remain disrupted through year end and there are no significant changes from today in the other factors noted above, the Company expects full year 2025 Ocean Transportation operating income to approach the level achieved in 2024.
Logistics: In the fourth quarter 2024, operating income for the Company’s Logistics segment was $10.1 million, or $1.2 million higher compared to the level achieved in the fourth quarter 2023. The increase was primarily due to a higher contribution from supply chain management. For 2025, the Company expects challenging business conditions for transportation brokerage for most of the year and a lower contribution from supply chain management, which the Company expects to lead to modestly lower operating income compared to the level achieved in 2024. For the first quarter 2025, the Company expects Logistics operating income to be modestly lower than the $9.3 million achieved in the first quarter 2024.
Consolidated Operating Income: For the first quarter 2025, the Company expects consolidated operating income to be meaningfully higher than the $36.9 million achieved in the first quarter 2024. For full year 2025, the Company expects consolidated operating income to be largely driven by the timing of trade flow normalization in the Red Sea, other geopolitical factors, supply chain activity and the trajectory of the U.S. economy. Assuming trade conditions in the Red Sea normalize by the end of the first half of the year and there are no significant changes from today in the other factors referenced above, the Company expects full year 2025 consolidated operating income to be moderately lower than the $551.3 million achieved in 2024. However, if trade conditions in the Red Sea remain disrupted through year end and there are no significant changes from today in the other factors noted above, the Company expects full year 2025 consolidated operating income to approach the level achieved in 2024.
Depreciation and Amortization: For full year 2025, the Company expects depreciation and amortization expense to be approximately $200 million, inclusive of dry-docking amortization of approximately $26 million.
Interest Income: The Company expects interest income for the full year 2025 to be approximately $31 million.
Interest Expense: The Company expects interest expense for the full year 2025 to be approximately $7 million.
Other Income (Expense): The Company expects full year 2025 other income (expense) to be approximately $9 million in income, which is attributable to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans.
Income Taxes: In the fourth quarter 2024, the Company’s effective tax rate was 19.1 percent. For the full year 2025, the Company expects its effective tax rate to be approximately 22.0 percent.
Capital and Vessel Dry-docking Expenditures: For the full year 2024, the Company made capital expenditure payments excluding new vessel construction expenditures of $214.5 million, new vessel construction expenditures (including capitalized interest and owner’s items) of $95.6 million, and dry-docking payments of $30.2 million. For the full year 2025, the Company expects to make other capital expenditure payments, including maintenance capital expenditures, of approximately $120 to $140 million, new vessel construction expenditures (including capitalized interest and owner’s items) of approximately $305 million, and dry-docking payments of approximately $40 million.
Results By Segment
Ocean Transportation — Three months ended December 31, 2024 compared with 2023
Three Months Ended December 31,
(Dollars in millions)
2024
2023
Change
Ocean Transportation revenue
$
742.1
$
639.7
$
102.4
16.0
%
Operating costs and expenses
(604.7)
(573.3)
(31.4)
5.5
%
Operating income
$
137.4
$
66.4
$
71.0
106.9
%
Operating income margin
18.5
%
10.4
%
Volume (Forty-foot equivalent units (FEU), except for automobiles) (1)
Hawaii containers
34,800
35,400
(600)
(1.7)
%
Hawaii automobiles
7,000
10,100
(3,100)
(30.7)
%
Alaska containers
18,000
17,800
200
1.1
%
China containers
37,400
34,900
2,500
7.2
%
Guam containers
4,500
5,000
(500)
(10.0)
%
Other containers (2)
4,300
4,700
(400)
(8.5)
%
(1)
Approximate volume included for the period are based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period.
(2)
Includes containers from services in various islands in Micronesia and the South Pacific, and Okinawa, Japan.
Ocean Transportation revenue increased $102.4 million, or 16.0 percent, during the three months ended December 31, 2024, compared with the three months ended December 31, 2023. The increase was primarily due to significantly higher freight rates in China and higher volume in China.
On a year-over-year FEU basis, Hawaii container volume decreased 1.7 percent primarily due to lower general demand; Alaska volume increased 1.1 percent primarily due to higher northbound volume, partially offset by an additional sailing in the year ago period; China volume was 7.2 percent higher due to seasonally stronger freight demand; Guam volume decreased 10.0 percent primarily due to lower demand from retail and food and beverage segments; and Other containers volume decreased 8.5 percent.
Ocean Transportation operating income increased $71.0 million, or 106.9 percent, during the three months ended December 31, 2024, compared with the three months ended December 31, 2023. The increase was primarily due to significantly higher freight rates in China, the timing of fuel-related surcharge collections, and higher volume in China, partially offset by a lower contribution from SSAT and higher direct cargo expense (primarily in the China service) and general and administrative expenses.
The Company’s SSAT terminal joint venture investment incurred a loss of $9.5 million during the three months ended December 31, 2024, compared to income of $4.1 million during the three months ended December 31, 2023. The decrease was due to a $18.4 million impairment charge related to the write-down of a terminal operating lease asset, partially offset by higher year-over-year lift volume.
Ocean Transportation — Year ended December 31, 2024 compared with 2023
Years Ended December 31,
(Dollars in millions)
2024
2023
Change
Ocean Transportation revenue
$
2,809.7
$
2,477.0
$
332.7
13.4
%
Operating costs and expenses
(2,308.8)
(2,182.2)
(126.6)
5.8
%
Operating income
$
500.9
$
294.8
$
206.1
69.9
%
Operating income margin
17.8
%
11.9
%
Volume (Forty-foot equivalent units (FEU), except for automobiles) (1)
Hawaii containers
140,700
144,000
(3,300)
(2.3)
%
Hawaii automobiles
30,400
39,400
(9,000)
(22.8)
%
Alaska containers
80,500
80,000
500
0.6
%
China containers
144,100
140,700
3,400
2.4
%
Guam containers
18,800
20,100
(1,300)
(6.5)
%
Other containers (2)
17,000
17,500
(500)
(2.9)
%
(1)
Approximate volume included for the period are based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period.
(2)
Includes containers from services in various islands in Micronesia and the South Pacific, and Okinawa, Japan.
Ocean Transportation revenue increased $332.7 million, or 13.4 percent, during the year ended December 31, 2024, compared with the year ended December 31, 2023. The increase was primarily due to significantly higher freight rates in China, higher freight rates in the domestic tradelanes, and higher volume in China, partially offset by lower domestic tradelane volume.
On a year-over-year FEU basis, Hawaii container volume decreased 2.3 percent primarily due to lower general demand; Alaska volume increased 0.6 percent due to higher general demand, partially offset by one less northbound sailing; China volume increased 2.4 percent due to stronger seasonal volume in the fourth quarter 2024 and one additional sailing; Guam volume decreased 6.5 percent primarily due to lower general demand; and Other containers volume decreased 2.9 percent.
Ocean Transportation operating income increased $206.1 million, or 69.9 percent, during the year ended December 31, 2024, compared with the year ended December 31, 2023. The increase was primarily due to significantly higher freight rates in China, higher freight rates in the domestic tradelanes, and higher volume in China, partially offset by higher operating costs and general and administrative expenses.
The Company’s SSAT terminal joint venture investment incurred a loss of $1.0 million during the year ended December 31, 2024, compared to income of $2.2 million during the year ended December 31, 2023. The decrease was due to an impairment charge related to the write-down of a terminal operating lease asset in the fourth quarter 2024 of $18.4 million, partially offset by higher lift volume.
Logistics — Three months ended December 31, 2024 compared with 2023
Three Months Ended December 31,
(Dollars in millions)
2024
2023
Change
Logistics revenue
$
148.2
$
149.2
$
(1.0)
(0.7)
%
Operating costs and expenses
(138.1)
(140.3)
2.2
(1.6)
%
Operating income
$
10.1
$
8.9
$
1.2
13.5
%
Operating income margin
6.8
%
6.0
%
Logistics revenue decreased $1.0 million, or 0.7 percent, during the three months ended December 31, 2024, compared with the three months ended December 31, 2023. The decrease was primarily due to lower revenue in transportation brokerage, partially offset by higher revenue in supply chain management.
Logistics operating income increased $1.2 million, or 13.5 percent, during the three months ended December 31, 2024, compared with the three months ended December 31, 2023. The increase was primarily due to a higher contribution from supply chain management.
Logistics — Year ended December 31, 2024 compared with 2023
Years Ended December 31,
(Dollars in millions)
2024
2023
Change
Logistics revenue
$
612.1
$
617.6
$
(5.5)
(0.9)
%
Operating costs and expenses
(561.7)
(569.6)
7.9
(1.4)
%
Operating income
$
50.4
$
48.0
$
2.4
5.0
%
Operating income margin
8.2
%
7.8
%
Logistics revenue decreased $5.5 million, or 0.9 percent, during the year ended December 31, 2024, compared with the year ended December 31, 2023. The decrease was primarily due to lower revenue in transportation brokerage, partially offset by higher revenue in supply chain management.
Logistics operating income increased $2.4 million, or 5.0 percent, during the year ended December 31, 2024, compared with the year ended December 31, 2023. The increase was primarily due to a higher contribution from supply chain management.
Liquidity, Cash Flows and Capital Allocation
Matson’s Cash and Cash Equivalents increased by $132.8 million from $134.0 million at December 31, 2023 to $266.8 million at December 31, 2024. As of December 31, 2024, there was $642.6 million of cash and cash equivalents and investments in fixed-rate U.S. Treasuries in the Capital Construction Fund. Matson generated net cash from operating activities of $767.8 million during the year ended December 31, 2024, compared to $510.5 million during the year ended December 31, 2023. Capital expenditures (including capitalized vessel construction expenditures) totaled $310.1 million for the year ended December 31, 2024, compared with $248.4 million for the year ended December 31, 2023. Total debt decreased by $39.7 million during the year to $400.9 million as of December 31, 2024, of which $361.2 million was classified as long-term debt.1 As of December 31, 2024, Matson had available borrowings under its revolving credit facility of $643.9 million.
During the fourth quarter 2024, Matson repurchased approximately 0.2 million shares for a total cost of $31.8 million. As of December 31, 2024, there were approximately 0.8 million shares remaining in the Company’s share repurchase program. For the full year 2024, Matson repurchased approximately 1.6 million shares for a total cost of $201.0 million. Matson’s Board of Directors also declared a cash dividend of $0.34 per share payable on March 6, 2025 to all shareholders of record as of the close of business on February 6, 2025.
1 Total debt is presented before any reduction for deferred loan fees as required by GAAP.
Teleconference and Webcast
A conference call is scheduled on February 25, 2025 at 4:30 p.m. ET when Matt Cox, Chairman and Chief Executive Officer, and Joel Wine, Executive Vice President and Chief Financial Officer, will discuss Matson’s fourth quarter and full year results.
Date of Conference Call:
Tuesday, February 25, 2025
Scheduled Time:
4:30 p.m. ET / 1:30 p.m. PT / 11:30 a.m. HT
The conference call will be broadcast live along with an additional slide presentation on the Company’s website at www.matson.com, under Investors.
Participants may register for the conference call at:
https://register.vevent.com/register/BI0b3e3bfd4fb54811a8a455a99c38160a
Registered participants will receive the conference call dial-in number and a unique PIN code to access the live event. While not required, it is recommended you join 10 minutes prior to the event starting time. A replay of the conference call will be available approximately two hours after the event by accessing the webcast link at www.matson.com, under Investors.
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 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.
GAAP to Non-GAAP Reconciliation
This press release, the Form 8-K and the information to be discussed in the conference call include non-GAAP measures. While Matson reports financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company also considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur and service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”).
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, including without limitation those statements regarding outlook; operating income; depreciation and amortization, including dry-docking amortization; interest income; interest expense; other income (expense); tax rate; capital and vessel dry-docking expenditures; volume, freight rates and demand; trade flow normalization in the Red Sea; geopolitical factors; tariffs and trade; trajectory of the U.S. economy; business conditions for transportation brokerage; contributions from supply chain management; economic growth and drivers in Hawaii, Alaska and Guam; population growth; discretionary income; interest rates; tourism levels; unemployment rates; construction activity; jobs growth; inflation; oil and gas exploration and production activity; contribution from SSAT; impairment charge at SSAT; vessel transit times; refleeting initiatives; timing and amount of milestone payments and related costs; delivery dates for new vessels; and the timing, manner and volume of repurchases of common stock pursuant to the repurchase program. These statements 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 risks and uncertainties relating to repeal, substantial amendment or waiver of the Jones Act or changes in its application, or the Company were determined not to be a United States citizen under the Jones Act; changes in macroeconomic conditions, geopolitical developments, or governmental policies; our ability to offer a differentiated service in China for which customers are willing to pay a significant premium; new or increased competition; our relationship with customers and vendors and changes in related agreements; fuel prices, our ability to collect fuel-related surcharges and/or the cost or limited availability of required fuels; evolving regulations and stakeholder expectations related to sustainability matters; timely or successful completion of fleet upgrade initiatives; the Company’s vessel construction agreements with Philly Shipyard; the occurrence of weather, natural disasters, maritime accidents, spill events and other physical and operating risks; transitional and other risks arising from climate change; actual or threatened health epidemics, outbreaks of disease, pandemics or other major health crises; significant operating agreements and leases that may not be renewed/replaced on favorable or acceptable terms; any unanticipated dry-docking or repair costs; joint venture relationships; conducting business in foreign shipping markets, including the imposition of tariffs or a change in international trade policies; any delays or cost overruns related to the modernization of terminals; war, actual or threatened terrorist attacks, efforts to combat terrorism and other acts of violence; consummating and integrating acquisitions; work stoppages or other labor disruptions caused by our unionized workers and other workers or their unions in related industries; loss of key personnel or failure to adequately manage human capital; the use of our information technology and communication systems and cybersecurity attacks; changes in our credit profile, disruptions of the credit markets, changes in interest rates and our future financial performance; our ability to access the debt capital markets; continuation of the Title XI and CCF programs; costs to comply with and liability related to numerous safety, environmental, and other laws and regulations; and disputes, legal and other proceedings and government inquiries or investigations. 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 for the year ended December 31, 2023 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.
MATSON, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended
Years Ended
December 31,
December 31,
(In millions, except per share amounts)
2024
2023
2024
2023
Operating Revenue:
Ocean Transportation
$
742.1
$
639.7
$
2,809.7
$
2,477.0
Logistics
148.2
149.2
612.1
617.6
Total Operating Revenue
890.3
788.9
3,421.8
3,094.6
Costs and Expenses:
Operating costs
(652.5)
(644.4)
(2,565.9)
(2,470.7)
(Loss) Income from SSAT
(9.5)
4.1
(1.0)
2.2
Selling, general and administrative
(80.8)
(73.3)
(303.6)
(283.3)
Total Costs and Expenses
(742.8)
(713.6)
(2,870.5)
(2,751.8)
Operating Income
147.5
75.3
551.3
342.8
Interest income
10.3
9.8
48.3
36.0
Interest expense
(1.4)
(2.4)
(7.5)
(12.2)
Other income (expense), net
1.8
1.6
7.3
6.4
Income before Taxes
158.2
84.3
599.4
373.0
Income taxes
(30.2)
(21.9)
(123.0)
(75.9)
Net Income
$
128.0
$
62.4
$
476.4
$
297.1
Basic Earnings Per Share
$
3.87
$
1.80
$
14.14
$
8.42
Diluted Earnings Per Share
$
3.80
$
1.78
$
13.93
$
8.32
Weighted Average Number of Shares Outstanding:
Basic
33.1
34.7
33.7
35.3
Diluted
33.7
35.1
34.2
35.7
MATSON, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
December 31,
December 31,
(In millions)
2024
2023
ASSETS
Current Assets:
Cash and cash equivalents
$
266.8
$
134.0
Other current assets
342.8
468.3
Total current assets
609.6
602.3
Long-term Assets:
Investment in SSAT
84.1
85.5
Property and equipment, net
2,260.9
2,089.9
Goodwill
327.8
327.8
Intangible assets, net
159.4
176.4
Capital Construction Fund
642.6
599.4
Other long-term assets
511.0
413.3
Total long-term assets
3,985.8
3,692.3
Total assets
$
4,595.4
$
4,294.6
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current portion of debt
$
39.7
$
39.7
Other current liabilities
520.7
522.6
Total current liabilities
560.4
562.3
Long-term Liabilities:
Long-term debt, net of deferred loan fees
350.8
389.3
Deferred income taxes
693.4
669.3
Other long-term liabilities
338.8
273.0
Total long-term liabilities
1,383.0
1,331.6
Total shareholders’ equity
2,652.0
2,400.7
Total liabilities and shareholders’ equity
$
4,595.4
$
4,294.6
MATSON, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Years Ended December 31,
(In millions)
2024
2023
2022
Cash Flows From Operating Activities:
Net income
$
476.4
$
297.1
$
1,063.9
Reconciling adjustments:
Depreciation and amortization
153.1
142.2
139.2
Amortization of operating lease right of use assets
133.7
142.0
153.0
Deferred income taxes
20.9
19.6
90.2
(Gain) Loss on disposal of property and equipment
(2.3)
0.6
(1.5)
Share-based compensation expense
26.5
23.8
18.3
Loss (Income) from SSAT
1.0
(2.2)
(83.1)
Distributions from SSAT
14.0
—
47.3
Other
(10.3)
(0.5)
2.1
Changes in assets and liabilities:
Accounts receivable, net
9.8
(10.9)
74.6
Deferred dry-docking payments
(30.2)
(24.1)
(25.7)
Deferred dry-docking amortization
27.2
25.3
24.9
Prepaid expenses and other assets
94.8
33.5
(45.2)
Accounts payable, accruals and other liabilities
(5.6)
10.9
(31.7)
Operating lease assets and liabilities, net
(139.5)
(144.8)
(154.1)
Other long-term liabilities
(1.7)
(2.0)
(0.3)
Net cash provided by operating activities
767.8
510.5
1,271.9
Cash Flows From Investing Activities:
Capitalized vessel construction expenditures
(95.6)
(52.9)
(62.4)
Capital expenditures (excluding vessel construction expenditures)
(214.5)
(195.5)
(146.9)
Proceeds from disposal of property and equipment, net
5.9
1.2
1.2
Payments for asset acquisitions
(0.8)
(12.4)
(3.0)
Cash and interest deposits into Capital Construction Fund
(120.7)
(128.5)
(582.8)
Withdrawals from Capital Construction Fund
89.6
49.9
64.6
Net cash used in investing activities
(336.1)
(338.2)
(729.3)
Cash Flows From Financing Activities:
Repayments of debt
(39.7)
(76.9)
(111.5)
Dividends paid
(44.8)
(45.0)
(48.0)
Repurchase of Matson common stock
(199.1)
(155.2)
(397.0)
Tax withholding related to net share settlements of restricted stock units
(17.6)
(12.6)
(20.1)
Net cash used in financing activities
(301.2)
(289.7)
(576.6)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
130.5
(117.4)
(34.0)
Cash, Cash Equivalents and Restricted Cash, Beginning of the Year
136.3
253.7
287.7
Cash, Cash Equivalents and Restricted Cash, End of the Year
$
266.8
$
136.3
$
253.7
Reconciliation of Cash, Cash Equivalents, and Restricted Cash, at End of the Year:
Cash and Cash Equivalents
$
266.8
$
134.0
$
249.8
Restricted Cash
—
2.3
3.9
Total Cash, Cash Equivalents and Restricted Cash, End of the Year
$
266.8
$
136.3
$
253.7
Supplemental Cash Flow Information:
Interest paid, net of capitalized interest
$
5.9
$
11.1
$
16.2
Income tax paid, net of income tax refunds
$
(26.5)
$
7.5
$
215.2
Non-cash Information:
Capital expenditures included in accounts payable, accruals and other liabilities
$
7.9
$
10.8
$
5.5
Non-cash payments for intangible asset acquisitions
$
—
$
2.7
$
2.2
MATSON, INC. AND SUBSIDIARIES
Net Income to EBITDA Reconciliations
(Unaudited)
Three Months Ended
December 31,
(In millions)
2024
2023
Change
Net Income
$
128.0
$
62.4
$
65.6
Subtract:
Interest income
(10.3)
(9.8)
(0.5)
Add:
Interest expense
1.4
2.4
(1.0)
Add:
Income taxes
30.2
21.9
8.3
Add:
Depreciation and amortization
39.7
35.8
3.9
Add:
Dry-dock amortization
6.2
6.7
(0.5)
EBITDA (1)
$
195.2
$
119.4
$
75.8
Years Ended
December 31,
(In millions)
2024
2023
Change
Net Income
$
476.4
$
297.1
$
179.3
Subtract:
Interest income
(48.3)
(36.0)
(12.3)
Add:
Interest expense
7.5
12.2
(4.7)
Add:
Income taxes
123.0
75.9
47.1
Add:
Depreciation and amortization
153.1
142.2
10.9
Add:
Dry-dock amortization
27.2
25.3
1.9
EBITDA (1)
$
738.9
$
516.7
$
222.2
(1)
EBITDA is defined as earnings before interest, income taxes, depreciation and amortization (including deferred dry-docking amortization). EBITDA should not be considered as an alternative to net income (as determined in accordance with GAAP), as an indicator of our operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) as a measure of liquidity. Our calculation of EBITDA may not be comparable to EBITDA as calculated by other companies, nor is this calculation identical to the EBITDA used by our lenders to determine financial covenant compliance.
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SOURCE Matson, Inc.
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