Nippon Yusen Shares Surge After It Raises Guidance on Stronger Container-Shipping Earnings
By Kosaku Narioka
Nippon Yusen shares surged after it raised its fiscal-year earnings forecasts, citing stronger container-shipping business.
Shares were 6.9% higher at 4,771 yen on Tuesday morning after rising as much as 7.6% earlier.
The Japanese shipping company said after Monday's market close that it expected net profit to increase 71% to Y390.00 billion ($2.48 billion) for the fiscal year ending March 2025, higher than its previous forecast of Y245.00 billion.
Nippon Yusen now projects revenue to grow 7.7% to Y2.570 trillion, up from its previous view of Y2.290 trillion.
The shipping company expects higher earnings from its container-shipping affiliate Ocean Network Express thanks to the tighter container-shipping market and higher freight rates.
Strong market conditions in the logistics business and the bulk-shipping business along with a weaker yen were also helping earnings, it said.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
July 22, 2024 21:38 ET (01:38 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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