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Maersk shares jump on upgraded EBITDA forecast for FY'19

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Maersk shares jump on upgraded EBITDA forecast for FY'19

A.P. Møller - Mærsk A/S shares climbed 7.75% on Oct. 21 as the Danish container shipping giant lifted its full-year 2019 EBITDA forecast following better-than-expected growth in the company's ocean segment.

Maersk now expects its annual EBITDA to be in the range of $5.4 billion to $5.8 billion in 2019, up from a previous forecast of $5 billion.

The company will reveal more details in its third-quarter earnings report scheduled for Nov. 15.

Maersk said its EBITDA came to $1.66 billion in the third quarter, while revenue totaled $10.06 billion.

Despite weaker growth in global demand and lower freight rates, Maersk said its ocean segment performed better than expected due to lower fuel prices and improved margins in its terminal and towage business.

For the first nine months of 2019, Maersk recorded EBITDA of $4.25 billion and revenue of $29.22 billion.