Maersk Shines with Impressive Quarterly Results and Optimistic Future Outlook

The Danish shipping and logistics company AP Møller-Mærsk has reported an impressive result for the third quarter. The net profit attributable to the group surged to $3.05 billion— a dramatic increase compared to $521 million in the previous year. This is also reflected in earnings per share, which rose from $31 to a substantial $193. The underlying profit recorded an increase to $3.10 billion, compared to $489 million the previous year. Pre-tax profit also reached $3.26 billion, a significant rise from the previous $691 million. Even more remarkable was the growth in underlying earnings before interest and taxes (EBIT), which improved to $3.32 billion, having stood at $450 million the previous year. The group’s EBIT margin rose to an impressive 21.1%, compared to 3.7% in the previous year. The underlying operating profit before interest, taxes, depreciation, and amortization (EBITDA) increased to $4.80 billion, raising the EBITDA margin to 30.4%, up from 15.7% the previous year. Revenue, as previously announced, grew by 30% to $15.76 billion, compared to $12.13 billion the year before. Based on the strong results and ongoing demand in the container market, the company raised its forecast for the 2024 fiscal year on October 21. This adjustment also occurs in the context of ongoing tensions and military conflicts in the Middle East, particularly around the Red Sea and the Gulf of Aden. Mærsk now expects an underlying EBITDA between $11 billion and $11.5 billion and an EBIT of $5.2 billion to $5.7 billion. Previously, the company had forecasted an EBITDA of $9 billion to $11 billion and an EBIT of $3 billion to $5 billion. Additionally, the company adjusted its growth forecast for the volume of the global container market in 2024 to about 6%, from previously estimated 4% to 6%.