(Bloomberg) — A.P. Moller-Maersk A/S raised its full-year guidance amid a recovery in demand and sweeping efforts to cut costs.
The container shipping company, which is eliminating hundreds of jobs, said earnings before interest, taxes, depreciation and amortization will be in the range of $7.5 billion to $8 billion, before restructuring and integration costs. That compares with an earlier forecast of $6 billion to $7 billion, according to a statement.
“The upgrade underlines the strong earnings momentum,” Brian Borsting, a credit analyst at Danske Bank A/S, said in a client note.
Copenhagen-based Maersk, which transports about 15% of the globe’s seaborne freight, said there was a “continued recovery in demand” in the third quarter. It reported revenue of $9.9 billion for the quarter, and an EBITDA before costs of $2.4 billion.
Maersk is undertaking a major restructuring as the world’s biggest shipping company grapples with the effects of the Covid-19 pandemic. It’ll take restructuring costs of around $100 million in the third quarter related to around 2,000 job cuts, as it reorganizes its ocean and logistics and services operations.
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The almost 20% increase in the full-year EBITDA guidance means analysts are likely to materially upgrade their estimates, Jefferies analyst David Kerstens said in a note.
Read More: Maersk Plans Major Restructuring Affecting Thousands of Jobs
The upgrade could also be more good news for holders of Maersk debt, as the borrower may see a change in the negative outlook that it’s been assigned by S&P Global Ratings, according to Danske’s Borsting. Moody’s Investors Service already recently lifted its outlook to positive, he
Outlook online users around the world are reporting problems accessing the Microsoft service, adding to the woes Office 365 users experienced earlier this week.
Microsoft at 9am CET, 3am ET, confirmed that users are having issues accessing Exchange Online accounts via Outlook on the web.
SEE: Office 365: A guide for tech and business leaders (free PDF) (TechRepublic download)
Microsoft initially said users in India are the primary group impacted. However, the company later confirmed on the Microsoft 365 Status Twitter account that the issue is affecting users worldwide.
Downloaddetector currently indicates the worst impacted regions include the UK, France, Germany, Netherlands, Belgium, Norway, Sweden, and India. There are also multiple user reports on Twitter from users in Europe who’ve been unable to access Outlook as the workday begins.
This new incident follows a six-hour Office 365 failure earlier this week due to an authentication error that prevented users from signing into Office.com, Outlook.com, Teams, Power Platform, and Dynamics365. Microsoft was forced to roll back a recent change that impacted authentication operations for numerous Microsoft and Azure services.
Microsoft’s Office Service health dashboard also confirms that users of Outlook.com “may be unable to access their email”.
“We’re collecting additional data from the affected infrastructure to aid in our investigation to determine the cause of impact,” Microsoft said.
SEE: Office 365 outage with roll back failure ends after more than six hours
Similar to the incident earlier this week, Microsoft said it is investigating recent updates it has made to its service to