October 13, 2020 | technology | No Comments
(Bloomberg) — A.P. Moller-Maersk A/S raised its full-year guidance amid a recovery in demand and sweeping efforts to cut costs.
The container shipping company, which is eliminating hundreds of jobs, said earnings before interest, taxes, depreciation and amortization will be in the range of $7.5 billion to $8 billion, before restructuring and integration costs. That compares with an earlier forecast of $6 billion to $7 billion, according to a statement.
“The upgrade underlines the strong earnings momentum,” Brian Borsting, a credit analyst at Danske Bank A/S, said in a client note.
Copenhagen-based Maersk, which transports about 15% of the globe’s seaborne freight, said there was a “continued recovery in demand” in the third quarter. It reported revenue of $9.9 billion for the quarter, and an EBITDA before costs of $2.4 billion.
Maersk is undertaking a major restructuring as the