A P Møller - Mærsk A/S (APMM) has once again recorded a spectacular financial performance for the first quarter of 2022 - ahead of previous expectations - with a revenue of US$19.3 bllion, an underlying Ebitda of US$9.2bn and an underlying Ebit of US$7.9bn.
The result is driven by strong performance in the ocean freight division, where the continuation of the “exceptional market situation” has led to a 7% decline in volumes and an average 71% increase in freight rates compared to Q1 2021, according to a statement from the line.
“As a consequence of the strong Q1 results, the expectation that the current market situation will continue in Q2, combined with higher contracted rates, APMM now expects the full year 2022 to be stronger than previously anticipated. Consequently, the full year guidance for 2022 has been revised upwards.”
Underlying Ebitda is now expected to be around US$30bn (previously around US$24bn), underlying Ebit around US$24bn (previously around US$19bn) and a free cash flow above US$19bn (previously above US$15bn).
The statement cautions that the current earnings guidance is still based on an assumption of normalisation in ocean early in the second half of this year. “Based on volume developments in the first quarter, APMM has revised downwards its outlook for the growth of global container demand from 2-4% to -1/+1%.”
APMM will publish its Q1 interim result on May 4.
