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Maersk Beats Q1 Estimates, Raises FY Global Trade Outlook
May 3, 2024, 01:15 PM
Maersk reported a strong start to the year with Q1 2024 earnings surpassing estimates, achieving a revenue of $12.36 billion against an expected $12.26 billion, and an EBITDA of $1.59 billion, slightly above the $1.56 billion forecast. The company's ocean revenue also exceeded expectations at $8.01 billion, compared to the anticipated $7.57 billion. Following these results, Maersk has raised its full-year global container trade growth forecast to between 2.5% and 4.5% and narrowed its FY underlying EBITDA guidance to $4 billion to $6 billion, from a previous range of $1 billion to $6 billion. The CEO highlighted stronger than expected container volume demand in Q1 and adjustments in their network due to prolonged disruptions in the Red Sea. Despite the positive outlook for Q2 and Q3, there remains significant uncertainty around container shipping demand for Q4.
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