Evergreen Marine August revenue hits 24-month high
Taiwan's biggest container shipping line, Evergreen Marine, brought in far more money in August than a year ago — good news for shareholders, though the stock still slipped on the day.
- August revenue jumped almost 50% from last year and hit its highest level in two years.
- Peak shipping season and firmer freight rates drove the gain, with revenue up slightly from July as well.
- Analysts now see strong full-year profits, with third-quarter earnings expected to be the standout.
- Revenue so far this year is running about 10% ahead of last year.
- Despite the good numbers, the shares fell on the day as foreign investors sold.
Outlook: Shipping rates should keep earnings strong through the third quarter, but the share price is likely to track freight rates rather than the revenue headlines.