Maersk (MAERSK) Q3 2024 earnings summary

Executive summary

• Q3 2024 delivered strong business performance and significant profitability increases across all segments, driven by higher freight rates, robust demand, and operational improvements, especially in Ocean due to Red Sea disruptions.

• Revenue rose to USD 15.8bn, EBITDA reached USD 4.8bn, and EBIT was USD 3.3bn, with year-to-date EBIT nearly matching 2023 levels.

• Upgraded full-year 2024 guidance reflects robust demand, resilient operations, and persistent Red Sea disruptions.

• Logistics & Services EBIT margin improved to 5.1% due to cost management and organic growth.

• ESG progress with six dual-fuel methanol-capable vessels in operation, advancing decarbonisation goals.

Financial highlights

• Q3 2024 revenue: USD 15.8bn (up 30% year-over-year); EBITDA: USD 4.8bn (up 155%); EBIT: USD 3.3bn (up 515%).

• Net profit after tax reached USD 3.1bn, a 456% increase from the prior year; free cash flow increased to USD 2.7bn from negative USD 124m in Q3 2023.

• EBITDA and EBIT margins rose to 30.4% and 21.0%, respectively.

• Total cash and deposits increased to USD 22.3bn; net interest-bearing debt at -USD 5.6bn, reflecting a strong net cash position.

• Earnings per share for Q3 2024 at USD 193, up from USD 31 in Q3 2023.

Outlook and guidance

• Full-year 2024 underlying EBITDA guidance raised to USD 11.0–11.5bn and EBIT to USD 5.2–5.7bn; free cash flow guidance at least USD 3.0bn.

• Global container market volume growth forecast upgraded to 6% for 2024.

• Red Sea disruption anticipated to persist into 2025, supporting elevated freight rates.

• CapEx guidance for 2023–2024 and 2024–2025 maintained at USD 8.0–9.0bn and USD 10.0–11.0bn, respectively.

• Q4 expected to remain strong in volume, with robust demand through Chinese New Year.