AMKAF - Maersk hikes full-year operating profit guidance by $6B

A.P. Moeller-Maersk (OTCPK:AMKBY) rallied as much as 6% in Copenhagen on Tuesday, after the shipping giant raised its full-year earnings guidance, driven by an "exceptional market situation" with high freight rates it expects will continue into Q2 before normalizing in H2. Maersk (AMKBY) said it now sees underlying EBITDA of $30B from $24B previously, vs. an average estimate of $28.3B in Bloomberg survey, and it forecasts free cash flow above $19B from prior guidance of above $15B. Providing preliminary Q1 results, Maersk (AMKBY) anticipates underlying EBITDA of $9.2B on revenues of $19.3B, above analyst consensus of $8.1B and $18.6B respectively, as freight volumes fell 7% in the quarter but freight rates surged 71%. Maersk (AMKBY) enjoyed a very strong 2021 and looks for a repeat in 2022, but the macro environment adds uncertainty, C. Jessen writes in an analysis published recently on Seeking Alpha.

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Maersk hikes full-year operating profit guidance by $6B