COPENHAGEN • A.P. Moller-Maersk, a shipping company that investors monitor as a bellwether for world trade, lifted Tuesday its full-year earnings outlook after reporting that its second-quarter profits nearly tripled.
The Danish group said earnings were boosted by higher freight volumes, a positive sign for global growth even as China's economic activity is slowing and Europe's is stagnant.
CEO Nils S. Andersen noted the results were "achieved in challenging markets" and helped by cost cuts and a profit on the sale of a majority stake in the company's retail business.
Net profit jumped to $2.3 billion in the three-month period that ended June 30, from $856 million in the year-earlier period. Revenues rose to $12 billion from $11 billion a year earlier.