This post was originally published on this site
COPENHAGEN (Reuters) -Shipping group A.P. Moller-Maersk (CSE:MAERSKb) on Friday reported second-quarter earnings above expectations, and adjusted its profit guidance for the full year upwards.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $2.91 billion in the quarter from $10.3 billion a year earlier, beating analysts’ expectations of $2.41 billion in a Refinitiv poll. Revenues fell 40% to $13.0 billion.
“The second-quarter result contributed to a strong first half of the year, where we responded to sharp changes in market conditions prompted by destocking and subdued growth environment following the pandemic fuelled years,” Chief Executive Vincent Clerc said in a statement.
The company narrowed its profit forecast for the year with underlying EBITDA expected between $9.5 billion and $11 billion. It had previously predicted an underlying EBITDA of between $8 billion and $11 billion.
