Maersk raised its profit guidance for the third time this year, betting that surging data centre demand would boost global trade. However, the shipping group's shares fell 10 per cent after weaker-than-expected third-quarter results.
The world's second-largest container shipping group lifted its forecast for underlying operating profit this year to $8bn-$8.5bn, up from $4.5bn-$6.5bn in August. At the start of the year, it had forecast an operating loss of as much as $1.5bn.
Chief executive Vincent Clerc told the FT he expects stronger demand in the years ahead, citing resilient consumer goods container demand alongside secular growth in electrification, energy transition, data centres and AI. Global trade has defied forecasts of a slowdown despite high inflation and the war in Iran, consistently surprising shipping executives with strong demand between the US and China and the rest of Asia.
Maersk's third-quarter earnings before interest, tax, depreciation and amortisation were $4.7bn, up 75 per cent year on year but below the $5.5bn consensus from Visible Alpha. Clerc said analysts had set an unrealistic bar for the quarter, adding that Maersk performs well in the real world. The Danish group, which carries about one in five seaborne containers, has also shifted strategy by ordering more new ships after being more cautious than rivals following the pandemic.
Source: Financial Times Companies · Summarized by HeadlinesBriefing