159 On Thursday, the company reported fourth-quarter profits that fell below expectations and indicated that it anticipates 2024 earnings to be considerably lower than last year’s figures due to an oversupply of container vessels. Despite this projection, there is still uncertainty surrounding the potential impact of disruptions in the Red Sea region. The company stated that it expects underlying earnings before interest, tax, depreciation, and amortization (EBITDA) for the year to range between US$1 billion and US$6 billion. This is notably lower than the US$9.6 billion achieved in the previous year. In a statement, the company highlighted the ongoing uncertainty regarding the duration and extent of the Red Sea disruption. This uncertainty is reflected in the wide range of the earnings guidance provided, which could span from one quarter to a full year. In the fourth quarter, EBITDA declined to US$839 million compared to US$6.54 billion recorded in the same period a year earlier. This figure fell short of analysts’ expectations, which had anticipated EBITDA of around US$1.13 billion. You Might Be Interested In China’s Luxury Market Shows Resilience and Emerging Opportunities New Jersey Devils, Prudential Center, and Verizon Extend Partnership Laura Cushing Appointed as Chief Human Resources Officer of Pacific Life Evergrande shares halted as pressure mounts on firm Kraft Heinz Foundation Commits $15 Million to Rise Against Hunger for Global Food Relief Efforts Maybank IB partners with Broadridge to co-create securities borrowing and lending technology
