Evergreen Marine Corporation (Taiwan) Ltd. has delivered a stellar financial performance for the third quarter of 2024, reporting impressive year-over-year growth in both revenue and net income. The company, a major player in the maritime and logistics industry, seems to be riding the wave of increased global demand for shipping services.
In its latest earnings release, Evergreen revealed that sales for the third quarter surged to TWD 152.79 billion, a significant jump from TWD 72.81 billion in the same period last year. That’s more than double the revenue, signaling robust operational strength. Net income for the quarter followed a similar trajectory, skyrocketing to TWD 61.91 billion from TWD 21.91 billion—a nearly threefold increase. Basic earnings per share also saw a hefty boost, climbing to TWD 28.75 from TWD 10.35 last year.
But the good news doesn’t stop there. For the first nine months of 2024, the company reported total sales of TWD 347.76 billion, up from TWD 207.02 billion in the same period a year ago. Net income for the nine months reached an impressive TWD 108.75 billion, compared to TWD 32.04 billion last year. This translates to basic earnings per share of TWD 50.68, a dramatic rise from TWD 15.14.
What’s driving these remarkable gains? The surge likely reflects a combination of higher freight rates and increased shipping volumes. In a market often marked by volatility, Evergreen’s ability to capitalize on favorable conditions highlights its operational efficiency and strategic acumen. While the shipping industry as a whole has benefited from a post-pandemic rebound, few companies have managed to post numbers as strong as these.
This earnings report underscores Evergreen’s position as a leader in the breakbulk and maritime logistics sectors. With the global supply chain under constant pressure, Evergreen’s performance suggests it’s not just weathering the storm but thriving in it. As demand for cargo and project freight services continues to grow, the company seems well-positioned to maintain its upward trajectory.
Source: marketscreener
