Q3 2019 AP Moeller - Maersk A/S Earnings Call Transcript
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Good morning, everyone, and thank you all for listening to our earnings call for the third quarter of 2019. I'm Soren Skou, I'm the CEO, and I'm joined today by Carolina Dybeck Happe, our CFO.
Before I go into the details and the financial highlights of the quarter and the first 9 months, let me just give a few comments on the overall performance. In the third quarter, we've seen a slow global demand growth, only around 1.5%, which brings us to about 1.8% year-to-date, which is more or less in line with the forecast we had at the early part of the year of 1% to 3% growth. The weak growth is mainly driven by slower global economic growth, in particular within manufacturing and export orders, but it's also due to tough comparisons when we look at last year's data because, as you will recall, we had all of the pre-loading of goods into the U.S. that started in the third quarter
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