Operating Profit Declines
Kuehne+Nagel's operating profit fell to CHF 612 million (€621.7 million) in the quarter. This exceeded market consensus by 19%, Bernstein analyst Alex Irving said.
"Sea Logistics was the standout performer," Irving wrote in a note to clients, adding that the group's biggest division beat operating profit estimates by 42%.
"Air was softer, clearly going through a soft patch as supply chain normalisation progresses and less air is needed to circumvent ocean disruption," Irving added.
'Holding Its Own'
Chief executive Stefan Paul said the macroeconomic situation remained "extremely challenging" but Kuehne+Nagel managed to "hold its own in this environment and expand its market share worldwide".
Kuehne+Nagel, which operates in more than 100 countries, said that compared to its pre-pandemic performance and in the context of a normalised business environment, the quarterly figures represented a "record result".
Earlier this week, DSV, the world's third-largest freight forwarder, predicted a recovery in global trade volumes after the firm surpassed profit forecasts in the first quarter despite seeing lower volumes and freight rates.