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Shares of AP Moller-Maersk collapsed this morning as the moderate forecast for this year, weathered by macroeconomic headwinds, overshadowed the fourth-quarter performance that followed the market scenario.
Stocks of the Danish container giant fell by more than a tenth at the beginning of the exchange despite a quarterly report that refuted confidence in the company's strategic shift in transport and logistics.
Trade war shows DNB markets negate MPA forecast Moller-Maersk
An operating profit of $ 219 million in the fourth quarter was lower than the consensus of $ 421 million, but overall, the numbers were described as more broadly than expected.
However, the last three months of 2018 were discarded, which is an unanticipated event, with Maersk's forecast for 2019 being considered more significant.
Maersk, quoted in Copenhagen, said that Ebitda would reach about $ 5 billion this year, including effects of IFRS 16, and about $ 4 billion in the absence of exclusion .
Maersk said its forecast for 2019 was subject to considerable uncertainty because of the "current risk of further restrictions on world trade".
& # 39; Very disappointing & # 39;
He also highlighted other factors affecting container freight rates, bunkering prices and exchange rates.
Berenberg analysts, led by Joel Spungin, have called the forecasts "very disappointing" and "shock" given the consensus of $ 4.9 billion.
"We thought the consensus was too high, but it's still surprising," the analysts wrote.
"Regarding the company, it seems that the slowdown in global growth is worrying, while new capacity could weigh on prices in the first half before improving in the second half. also be a factor. "
Maersk, often perceived as a barometer of global trade, felt the impact of hostilities between the United States and China, a stalemate that resulted in a decline in its stock by a quarter in 2018.
AP Moller's B shares were down 10.16% to DKK 8,414 ($ 1,277.95) each at the time of writing.
Soren Skou, general manager of AP Moller, said: "In 2019, we will continue to focus on improving results within the company while expanding our Logistics and Services business by expanding our product portfolio.
He added: "We will continue to move forward despite the uncertainties associated with the current global macroeconomic outlook."
To lose immediately
Maersk posted a profit of $ 3.2 billion in 2018, the first net profit since 2015 and its best result since 2014, with a profit of $ 5.2 billion.
Skou described the year 2018 as a year of execution to lay the foundation for the new AP Moller – Maersk, the year 2019 being the year of accelerating our transformation for to prepare for profitable growth in the long term.
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The company pointed to a 26% increase in its revenue in 2018, as well as a 22% increase in volumes for its Ocean division, which included a large portion of Maersk Line, and a decrease of 41% of interest-bearing debt.
Skou said: "The goal of the transformation of AP Moller-Maersk is to place the company on a new trajectory of profitable growth.
"Over the last two and a half years, we have done a lot to regain our growth ambition, but we still need to improve our profitability compared to the level reached in 2018.
"From a conglomerate, we moved from a corporate layer to a division, overseeing independent, independent business units that had their own bottom line, into a corporation, with a bottom line and with customers at the center. of our attention. "
Maersk has paid a dividend of around $ 500 million in 2018 and will introduce a new payment policy "geared to the new company" when it publishes its second quarter accounts later this year, Skou said.
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