Maersk Lifts 2019 Profit Forecast; Shares Rise
Danish shipping company A.P. Moller-Maersk adjusted its expectations for its 2019 profit upwards on Monday following lower fuel prices and capacity management in the third quarter.
Maersk said it expects earnings before interest, taxes, depreciation and amortisation (EBITDA) in the range of $5.4 to $5.8 billion, up from its previous expectation of around $5 billion.
The rest of the guidance was unchanged, Maersk said.
Maersk shares rose 6.1% on the news to trade at 8,460 Danish crowns each at 1404 GMT.
The upgrade was driven by "strong reliability and capacity management combined with lower fuel prices" and better margins in its terminal and towage business, Maersk said.
(Reporting by Jacob Gronholt-Pedersen; editing by David Evans)