ONE Q2 earnings: First look

Ocean Network Express (ONE) said revenue was $5.9 billion for the fiscal second quarter, up 65% from the same quarter a year ago. Net profit was $2 billion, up from $1.8 billion year on year.

The Singapore-based carrier alliance in an earnings statement said Asia-North America and Asia-Europe trades experienced strong demand in the quarter ended Sept. 30, driven by consistent consumer activity and an early peak season in July and August. Early shipments in the North America trade came amid supply chain disruptions from attacks on Red Sea shipping and ahead of a strike by the International Longshoremen’s Association at U.S. East and Gulf Coast ports.

The alliance raised full-year net profit guidance to $3.1 billion from $2.75 billion announced on July 31.

“In addition to the current geopolitical situation, the industry faces added uncertainty around the final outcome of the U.S. elections and East Coast port labor situation,” said Chief Executive Jeremy Nixon, in an earnings statement. “ONE will continue to closely monitor evolving macro conditions and maintain an agile and effective control of its global operations and customer service delivery performance.”