French container carrier CMA CGM recorded revenue of US$11.8 billion in the first quarter of 2024, translating to a 7% decline, and earnings before interest, depreciation and amortization (EBITDA) of US$2.4 billion, representing a 30.3% decrease compared with 2023 Q1 results.
Additionally, the company’s EBITDA margin came in at 20.2%, down 6.8 points. Moreover, CMA CGM saw its net income fall from US$2 billion in 2023 Q1 to US$785 million in the first quarter of 2024.
At the same time, the Marseille-based container line moved 5.61 million TEUs in the first three months of the year, corresponding to an 11.7% year-on-year growth. “The increase is due to stronger-than-expected world merchandise trade and demand for cargo shipping, driven by a rebound in consumption and inventory rebuilding following 2023 lows,” said CMA CGM in a statement.
Commenting on the results for the period, Rodolphe Saadé, chairman and CEO of the CMA CGM Group, said, “Against a backdrop of industry normalization, our Group has demonstrated its agility and resilience in adapting to new market conditions. Our shipping division turned in a solid performance, buoyed by restocking in China and the United States. As for our logistics business, the acquisition of Bolloré Logistics gives us the critical mass we need to better withstand cyclical changes. In 2024, a year that remains uncertain due to the crisis in the Red Sea, CMA CGM will continue to meet its customers’ needs as effectively as possible. We will stay on course with our strategic investments, whether in decarbonization or artificial intelligence.”
