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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • Maersk Earnings Nearly Double To $439M 0 comments
    Aug 16, 2013 10:24 AM | about stocks: AMKBY

    Originally published at www.seclive.com

    A.P. Moeller-Maersk A/S (OTCPK:AMKBY) reported second quarter profits that nearly doubled from $227M a year ago, earning $439M this quarter. Lower fuel prices helped offset a drop in freight rates, which, according the Shanghai Containerized Freight Index, was 22% lower this year compared to the same period last year. Maersk has been exploring cost-savings initiatives that include trimming the size of its fleet and slowing its vessels to more economical speeds to save money. Despite the 22% decrease in the freight index, Maersk continues to capitalize on its most profitable and important route from the world's busiest port at Shanghai to Europe. Maersk lowered its forecasted growth estimates from previously predicted 2% to 4%, to now between 2% and 3%.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: financial results, earnings Stocks: AMKBY
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