- 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