The Danish company announced a 25% increase in its EBITDA (earnings before interest, taxes, depreciation and amortization) in the second quarter to $ 1.7 billion, exceeding the $ 1.575 expected by analysts in a Refinitiv poll.
Maersk, often viewed as an indicator of global trade, now forecasts 2020 EBITDA of between $ 6 billion and $ 7 billion, up from the original forecast of $ 5.5 billion.
The drop in revenue was attributed to a 16% drop in the company’s Ocean division and a 14% drop in gateway terminals, which, according to Maersk, was “partially offset by a price increase of freight and an increase in income by moving in terminals ”.
“Due to lockdowns, closed borders and travel restrictions around the world, we have encountered significant issues in relieving our sailors when their contracts expire, a persistent issue of serious concern to us, which we are proactively addressing. ”Said CEO Søren Skou said in the results report.
Return on Invested Capital (CROIC) increased 3.6 percentage points to 12.5%, and Skou said the earnings report and balance sheet indicated Maesk was “well positioned to come out financially and strategically stronger. of the crisis ”.