A.P. Moller-Maersk Reports Strong Q3 Profits
STOCKHOLM (AP) – Shipping and oil group A.P. Moller-Maersk has posted a 30 percent increase in quarterly profits as higher freight volumes and rates offset falling oil prices.
The Danish company’s net profit rose to $1.47 billion in the third quarter, from $1.13 billion a year ago.
Revenue was $12.2 billion, up from $12.1 billion in the third quarter of 2013.
Key Factors Driving Revenue Growth
The company said Tuesday that revenue was “impacted by higher container volumes, and freight rates as well as higher oil entitlement production, partly offset by a lower average oil price.”
Maersk Line Raises Annual Profit Outlook
Citing its third-quarter performance, the group’s shipping unit, Maersk Line, raised its projected 2014 profit to “above $2 billion,” from a previous forecast of “significantly above $1.5 billion.”
Stock Market Reaction to Earnings Report
Company shares rose 0.15 percent to 12,280 kroner ($2,057) in early trading in Copenhagen.
