💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Maersk guides shipping profit outlook lower following Q3 cyberattack

Published 11/07/2017, 12:58 PM
© Reuters.  Maersk guides shipping profit outlook lower following Q3 cyberattack
MAERSKa
-
  • AP Moller-Maersk (OTCPK:AMKAF, OTCPK:AMKBF) sinks ~7% after reporting underlying Q3 net profit of $248M vs. a loss of $42M in the year-ago quarter but below analyst consensus estimate of $383M, while revenue rose 14% to $8.06B.
  • Q3's bottom line was hurt by a $1.75B impairment in Maersk Drilling - which the company expects to sell in the coming year - and a $250M-$300M hit from a cyberattack in June that brought down the company's computer systems, prompting system shutdowns that meant several of its shipping terminals around the world were unable to operate.
  • "We were not able to grow with the market because of the attack," says CEO Soren Skou, "but market fundamentals are quite strong with a solid [annual] growth of 5%, and we can restore our performance in coming quarters."
  • Maersk cuts guidance for its core Maersk Line, the world's largest global seaborne freight carrier, from more than $1B this year to “around” $1B, saying it had proved more difficult to recover from the cyberattacks than initially expected.
  • Now read: Siem Industries Inc.: Underpriced Compounder


Original article

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.