Stockmarket

Maersk quarterly earnings beat expectations



© Reuters. FILE PHOTO: Crew members look out from the container ship, the MV Maersk Mc-Kinney Moller, as it berths during its maiden port of call at a PSA International port terminal in Singapore September 27, 2013. REUTERS/Edgar Su

COPENHAGEN (Reuters) – Shipping group Maersk on Friday posted better than expected fourth-quarter revenue and earnings, fuelled by record freight rates for container shipping.

A fall in ocean-going container volumes by 4% in the last three months of the year was more than offset by freight rates improving 80% compared with a year earlier.

“The strong result in the quarter reflects the continuation of the exceptional market situation within (the) Ocean (division) caused by global disruptions to supply chains, which have led to further increase in container freight rates,” Maersk said in a statement.

Underlying earnings before interest, tax, depreciation and amortization (EBITDA) totalled $8 billion, above guidance given by the company in November and the $7 billion expected by analysts in a Refinitiv poll.

Revenue stood at $18.5 billion, against $17.5 billion expected by analysts.

The company will publish full financial results on Feb. 9.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.