According to management report for the first quarter of 2019 EBITDA will be above expectations and in the range of EUR 10.3 to 10.7 million compared to EUR 7.3 million in the first quarter of 2018.
Main reasons for improved result between years are related to increased activity and volume in the Trans-Atlantic services and the Faroe Islands as well as better operating result in Norway. Furthermore, operating results in forwarding services have improved between years and cost savings and streamlining measures the company undertook last year are improving result as well.
As a result and according to current assumptions the company therefore changes its EBITDA guidance range from EUR 49 to 57 million, as presented in the 2018 full year results, to EUR 51 to 57 million. At this point the management does not see a reason to increase the upper limit of the guidance considering that there is still some uncertainty in the Icelandic economy, negative effect of none capelin fisheries in Iceland and current outlook in the international markets.
The EBITDA numbers above do not include effects of the accounting standard IFRS16.
Eimskip is still working on the Q1 financials and both the EBITDA result and guidance are subject to change during that process.
For more information:
Árni Sigurðsson
Tel: +354 825 7319
Email: investors@eimskip.is