Maersk upgrades full-year profit outlook03/08/2022
A.P. Møller – Mærsk has announced that its financial results for the second quarter of 2022 are ahead of its previous expectations.
The Danish container line reported a revenue of US$21.7 billion, an underlying EBITDA (earnings before interest, taxes, depreciation, and amortisation) of US$10.3 billion and an underlying EBIT (earnings before interest and taxes) of US$8.9 billion.
“The strong result is driven by the continuation of the exceptional market situation within Ocean,” said Maersk, which pointed out that high freight rates have remained longer than expected due to port congestion issues in key markets worldwide.
Consequently, the company’s full-year guidance for 2022 has been revised upwards with underlying EBITDA now expected to be around US$37 billion and underlying EBIT expected around US$31 billion, both increased by US$7 billion compared with the previous expectations.
The free cash flow (FCF) for the full-year 2022 is now expected to be above US$24 billion, while the cumulative CAPEX (capital expenditure) guidance for 2022-23 is unchanged at US$9-10 billion.
Maersk, which will publish its second-quarter results tomorrow (3 August), noted that 2022 guidance is currently based on an expected gradual normalisation in its ocean sector in the fourth quarter of the year.
Source: Container News