French ocean carrier CMA CGM booked net income of $371 million for the third quarter, driven by higher freight rates across all trades and higher-than-targeted cost savings.
Revenue grew 9 percent to $4.2 billion in the three months through the end of September from $3.86 billion in the year-earlier period, and container volume rose to 2.7 million 20-foot-equivalent units from 2.6 million TEUs.
The world’s third-largest carrier said it earned $617 million before interest, tax, depreciation and amortization in the third quarter for an “industry best” operating margin of 13 percent.
The third quarter profit wiped out a $248 million deficit in the first quarter to produce $301 million net income for the first nine months of the year.
The company said its restructuring program generated $550 million of savings during the first nine months of 2012, well ahead of its objectives.
“In addition, freight rates increased on every trade during the period further improving profitability.”
Marseilles-based CMA CGM said it expects to close the year with a “substantial” profit.