Maersk’s first-quarter revenue and earnings down from last year levels
A.P. Moller – Maersk reported a first quarter of 2023 in line with its expectations and said that continued destocking and easing of congestions implied lower volumes.
The Danish company’s revenue dropped by 26% year-on-year to US$14.2 billion, earnings before interest, taxes, depreciation, and amortization (EBITDA) fell to US$4 billion from US$9.1 billion in the first quarter of 2022, while earnings before interest and taxes (EBIT) declined from US$7.3 billion to US$2.3 billion.
Maersk stated that the full-year forecast remains steady, with the first quarter likely to be the strongest of the year for the company.
Vincent Clerc, CEO of Maersk, commented, “We delivered a solid financial performance in a challenging market with lower demand caused by a continued destocking. Visibility remains low for the remainder of the year and moving through this market normalisation, we remain focused on proactively managing costs. As we adjust to a radically changed business environment, we continue to support our customers in addressing their supply chain challenges. We are pleased to note that customers continue to value the integrated logistics solutions and close partnership we provide.”
The Copenhagen-based shipping company said the first quarter of 2023 was marked by continued destocking in Europe and especially North America. “While it is difficult to predict the exact timing, we expect volumes to gradually pick up in the second half of the year,” pointed out Maersk.