Matson (MATX) Expands Stock Buyback by 3M Shares

The Board of Directors of Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the Pacific, approved adding three million shares, or approximately eight percent of outstanding common shares, to the existing six million share repurchase program. As of August 22, 2022, the existing share repurchase program had approximately 0.5 million shares remaining.

"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 last August, we have repurchased approximately 5.5 million shares for a total cost of nearly $465 million. Going forward, we will 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.

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