Q1 beat, outlook hike sends MPCC shares higher

Mpc Container Ships ASA

28/05/2024 09:07

** Shares in MPC Container Ships  MPCC.OL  rise about 5%
after the Norwegian marine freight and logistics company hiked
its full-year outlook in its better-than-expected Q1 print
    ** It now sees its 2024 revenue at $475-490 million vs
previous view of $435-470 million, and full-year EBITDA at
$280-305 million vs previous view of $240-280 million
    ** DNB Markets analyst Jørgen Lian says the Q1 beat and
raised guidance in a "market that has seen strong momentum in
rates so far explains the immediate reaction"
    ** However, he sees little reason for the shares to trade up
materially during the day, as lot of expectations were already
priced in prior to the report
    ** "Market is currently surprising to the upside, but has
its struggles with continued high pace of fleet growth in the
medium to long term," he adds
    ** MPCC's first-quarter operating revenue of $147.5 million
beat the IBES estimate of $131.9 million
    ** MPCC share, up 60% YTD, is among top risers on the Oslo
Benchmark index  .OSEBX   

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))