Integrated shipping giant AP Moller Maersk A/S upgraded its guidance for 2021 after recording a sharp climb in both its top and bottom line in the second quarter, according to a statement.
- Maersk hiked its underlying earnings before interest, taxes, depreciation, and amortization for 2021 between $18 billion and $19.5 billion, versus its earlier guidance of $13 billion to $15 billion. Capital expenditure was maintained at around $7 billion.
- Revenue for the quarter rose to $14.230 billion from $8.997 billion in 2020. Profit surged to $3.746 billion from $443 million, while earnings per share soared to $194 from $21.
- Revenue growth was driven by higher volumes compared with the second quarter of 2020, reflecting the COVID-19 lockdowns last year and the short-term rates due to higher demand and supply chain issues.
- Significant growth was recorded across the ocean, logistics and services, and terminals and towage segments. The ocean segment is expected to grow 6% to 8% this year, driven by export volumes out of China.
Third-quarter earnings are predicted to surpass the second quarter, but trading conditions are subject to heightened volatility. MAERSK-B is up 0.12%.