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Hapag-Lloyd (OTCPK:HPGLY) (OTCPK:HLAGF) shares surge 6% in German trading Wednesday after the shipping company raised its full-year profit outlook following a better than expected performance in H1 2024.
The shipping company said it expects the year’s second half will top expectations thanks to recent strong demand and increased short-term freight rates.
Hapag-Lloyd (OTCPK:HPGLY) (OTCPK:HLAGF) raised guidance for full-year EBITDA of €3.2B-€4.2B from its previous outlook of €2B-€3B, and for full-year EBIT of €1.2B-€2.2B compared with prior guidance of up to €1B.
For H1, the company expects to report group EBITDA of ~€1.8B and group EBIT of ~€800M.
“It will come as no surprise that carriers are revising their financial expectations upwards, though observers might have expected an even greater uplift from Q1 to Q2,” Alphaliner wrote in response to the revised outlook.