COPENHAGEN (Reuters) – Shipping specialist AP Moller-Maersk reported a better-than-expected quarterly profit on Thursday and raised the lower end of its full-year profit forecast, citing demand stronger and the diversion of ships from the Red Sea.
“Demand is trending towards the upper end of our market growth forecast and conditions in the Red Sea remain well anchored,” Chief Executive Officer Vincent Clerc said in a statement.
“This not only supported a recovery in the first quarter compared to the previous quarter, but also provided an improved outlook for the coming quarters, as we now expect these conditions to continue for most of the year,” a- he declared.
Maersk now expects underlying earnings before interest, taxes, depreciation and amortization (Ebitda) of between $4 billion and $6 billion (€3.73-5.60 billion) this year, up from its previous forecast between 1 and 6 billion dollars.
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell to $1.59 billion in the quarter from $3.97 billion a year earlier, above analysts’ expectations of $1.46 billion. dollars according to an LSEG consensus.
(Reporting Jacob Gronholt-Pedersen; Lina Golovnya, editing by Kate Entringer)
Copyright © 2024 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
