Maersk Raises Profit Outlook
Danish shipping group A.P. Moller-Maersk announced on Monday that it has raised its full-year profit forecasts following strong third quarter results, robust demand, and ongoing disruptions to shipping in the Red Sea.
Maersk adjusted its forecast for global container market volume growth in 2024 to around 6%, up from the previous range of 4% to 6%.
The company reported preliminary underlying EBITDA (earnings before interest, tax, depreciation, and amortization) of $4.8 billion for the third quarter, surpassing analysts’ forecast of $3.7 billion, according to LSEG data.
Revenue came in at $15.8 billion, exceeding the expected $14.4 billion.
Disruptions to a crucial east-west shipping route due to attacks by Iran-aligned Houthi militants in the Red Sea have led to increased freight rates and congestion in Asian and European ports, contributing to Maersk’s strong performance.
The company now expects full-year underlying EBITDA to range between $11.0 billion and $11.5 billion, an increase from its previous forecast of $9 billion to $11 billion.
For 2024, Maersk sees earnings before interest and tax (EBIT) reaching between $5.2 billion and $5.7 billion, up from an earlier estimate of $3 billion to $5 billion.
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