Maersk beat earnings estimates last quarter as global trade proved steady, and has raised its guidance.
Adjusted EBITDA was US$2.68 billion, above LSEG estimates of $2.6 billion, but below the $4.80 billion seen one year ago. Total revenue was $14.21 billion, down from $15.76 billion.
“We have delivered a strong third quarter across our business. Our performance reflects our ability to execute and continuously improve, as well as the trust customers place in us,” said Maersk CEO Vincent Clerc.
“The new East-West network has strengthened our Ocean performance, delivering industry-leading reliability, higher volumes and lower costs. Terminals achieved another record quarter with strong volume growth, and Logistics & Services continued to enhance profitability.”
The company’s full-year guidance projects EBITDA of $9.0-9.5 billion. Its August forecast had expected $8.0-9.5 billion.
Maersk also expects global container market volume will be around 4%, up from previous guidance of 2-4%. According to Clerc, Maersk saw resilient demand across all markets during the quarter.
Global container demand was up 3-5% year-over-year last quarter, the company said, driven by exports from East Asia. Demand in North America sank amid United States tariffs, particularly export volumes from China to the U.S.
Ocean revenue fell from $11.11 billion to $9.18 billion, with EBIT dropping from $2.8 billion to $567 million. Loaded volumes growth was 7% year-over-year.
Logistics & Services revenue rose from $3.89 billion to $3.98 billion, while Terminals revenue increased from $1.18 billion to $1.45 billion.
Capital expenditure was $1.20 billion, dropping from $941 million.
Maersk’s (CPH: MAERSK-B) share price closed at DK12,845 kr (A$3,065), down from its previous close at 13,570 kr. Its market capitalisation is 213.61 billion kr (A$50.9 billion).
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