January 15, 2021

PR Headline News

Top Stories Without The Fluff

Maersk earnings Q2 2020


Maersk containers onboard the container ship Hammonia Husum, as it leaves Portsmouth harbour. (Photo by Andrew Matthews/PA Images via Getty Images)

Andrew Matthews | PA Images | Getty Images

Maersk, the world’s largest shipping firm, beat second-quarter profit expectations on Wednesday and said it expects demand to pick up in the third quarter, but warned of a “significant decline” across the year.

Despite being negatively impacted by a “sharp drop in volumes” in the second quarter, with revenues falling 6.5% from the same period last year as the global economy was brought to a standstill by the coronavirus pandemic, Maersk upped its full-year guidance on Wednesday.

The company reported a 25% rise in second-quarter EBITDA (earnings before interest, tax, depreciation and amortization) to $1.7 billion, outstripping the $1.575 expected by analysts.

Maersk, often seen as a bellwether for global trade, now projects 2020 EBITDA of between $6 billion and $7 billion, up from initial guidance of $5.5 billion.

This is a breaking news story, please check back later for more.



Source link