AP Møller-Mærsk (Maersk) has upgraded its expectation for its 2019 result based on the financials for Q3 and the updated outlook for freight rates, volumes and bunker fuel prices for the rest of the year
Maersk’s new expectation for earnings before interest, taxes, depreciation and amortisation (EBITDA) is in the range of US$5.4-5.8Bn. The previous expectation for EBITDA was around US$5Bn. The remaining part of the guidance is unchanged.
Maersk said “Maersk has in the third quarter, despite slower global demand growth and lower freight rates, recognised better than expected performance in ocean driven by strong reliability and capacity management combined with lower fuel prices and continued margin improvements in terminal and towage, which has resulted in stronger than expected financial performance in the quarter."
Revenue was US$10.055M for Maersk in Q3 2019 and EBITDA was US$1.656M; and for the first nine months revenue was US$29.222M and EBITDA US$4.249M.
Maersk said it will detail its revised full-year outlook in the interim report for Q3 2019 that will be published on 15 November 2019.