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By Dominic Chopping
A.P. Moeller-Maersk AS on Tuesday raised full-year guidance as freight rates continue to surge amid tight global supply chains.
The Danish shipping giant said it now sees underlying earnings before interest, tax, depreciation and amortisation at around $37 billion from previous guidance of around $30 billion, while underlying earnings before interest and tax is now seen at around $31 billion from around $24 billion previously.
“Congestion in global supply chains leading to higher freight rates has continued longer than initially anticipated,” the company said.
Free cash flow for full-year 2022 is now expected to be above $24 billion compared to previous guidance of above $19 billion, while cumulative capital expenditure for 2022-2023 is still seen at $9.0 billion to $10.0 billion.
Ahead of second-quarter earnings on Wednesday, Maersk said revenue in the quarter rose to $21.7 billion, underlying Ebitda to $10.3 billion and underlying EBIT to $8.9 billion.
A company-compiled consensus had seen second-quarter revenue at $19.7 billion, underlying Ebitda at $8.19 billion and underlying EBIT at $7.08 billion.
Maersk expects conditions in its main shipping unit to normalize in the fourth quarter of 2022, having previously seen a normalization early in the second half of 2022.
Write to Dominic Chopping at dominic.chopping@wsj.com
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