Shares in Hapag-Lloyd AG rose after the German shipping company raised its earnings view for the year and reported earnings growth for the first quarter.
At 1530 GMT, Hapag-Lloyd closed up 7.8% at EUR349.60.
Hapag-Lloyd said it expects earnings before interest, taxes, depreciation and amortization between $14.5 billion and $16.5 billion for 2022, compared with prior guidance of $12 billion-$14 billion. Full-year earnings before interest and taxes should come in between $12.5 billion and $14.5 billion, compared with a prior target of $10 billion-$12 billion.
“We see the guidance upgrade is driven by good visibility into 2Q,” said Citi, expecting consensus estimates for the company to likely be raised by a high-single-digit percentage.
In the first three months of the year, Ebitda came in at around $5.3 billion and EBIT was around $4.8 billion, according to preliminary figures, it said. A year earlier, quarterly Ebitda was $1.91 billion and EBIT was $1.54 billion.
