Wednesday, November 18, 2020

Maersk Raised Guidance Ahead Of Earnings; Starts $1.6 Billion Share Buyback (market yawns)

 Two from Bloomberg via gCaptain:

November 17

Maersk Raises Guidance Ahead of Earnings Release

A.P. Moller-Maersk A/S raised its guidance for a second time since October as the world’s biggest container shipping company enjoys stronger demand than feared amid the Covid crisis.

Copenhagen-based Maersk expects Ebitda before restructuring and integration costs this year to be in a range of $8 billion to $8.5 billion, it said in a statement on Tuesday. It had previously guided for profit by that measure of $7.5 billion to $8 billion.

The company transports about one-fifth of the world’s containers, giving it a unique view of the state of global trade. It reported preliminary third-quarter earnings in October, when it cited a “continued recovery in demand.”...MORE

And November 18:

Maersk Starts $1.6 Billion Share Buyback After Guidance Raised

A.P. Moller-Maersk A/S has launched a $1.6 billion share buyback program, as the world’s biggest container shipping company says the Covid crisis has so far dented its business less than feared.

Copenhagen-based Maersk, which late on Tuesday raised its guidance for a second time since October, reported a 39% increase in Ebitda to $2.3 billion in the third quarter. Profit by that measure, before restructuring and integration costs, will reach $8 billion to $8.5 billion this year, it said. Previous guidance was for $7.5 billion to $8 billion.

The global economy was “still severely impacted” by the pandemic last quarter, Maersk said in a statement on Wednesday. “However, volumes have decreased less than expected.” The company also said “costs were kept well under control and freight rates have increased....


Here's the press release from the company:
A.P. Moller - Maersk further improves profitability in Q3 due to strong Ocean performance and growth in Logistics & Services