Freight forwarding giant DSV posted revenue of $6.383 billion in the third quarter
Following Kuehnel's announcement of the third quarter of 2024 results, the freight forwarding giant DSV, which has just successfully acquired DB Schenker, also announced its third quarter results, with year-on-year growth in revenue and profit.
In addition, in the first three quarters of the year, DSV generated revenue of DKK 123.592 billion (about US $17.891 billion), an increase of 9.2%. Profit before interest, tax and special items was DKK 12.166 billion (US $1.76 billion), down 10.8% from a year earlier.
Revenue for the first three quarters was DKK 75.748 billion (USD 10.965 billion), up 8.3% from the same period last year. Profit before interest, tax and special items was DKK 8.785 billion (US $1.272 billion), down 15.0% year-on-year.
In addition, DSV's seaborne cargo volume in the third quarter was 704,300 TEU, an increase of 8% year-on-year; Air cargo volume was 351,900 tons, up 8% year-on-year. The volume of seaborne cargo in the first three quarters was 200.71 million TEU, up 7% year on year; Air cargo volume was 1,036,200 tons, up 7 percent year-on-year.
For the performance of the third quarter of this year, DSV commented that although the market is still affected by the uncertain macroeconomic outlook, as well as the escalation of the situation in the Middle East and the Red Sea, DSV achieved positive growth due to the combination of significant growth in cargo volumes and improved free cash flow.
Based on the results of the first three quarters and expectations for the fourth quarter, DSV has raised the lower end of its forecast for 2024 earnings before interest and tax (EBIT) from 15.5-17 billion Danish Kroner ($2.244 billion - $2.461 billion). It was raised to 16 billion to 17 billion Danish kroner ($2.316 billion to 2.461 billion).
In addition, in the first three quarters of the year, DSV generated revenue of DKK 123.592 billion (about US $17.891 billion), an increase of 9.2%. Profit before interest, tax and special items was DKK 12.166 billion (US $1.76 billion), down 10.8% from a year earlier.
Revenue for the first three quarters was DKK 75.748 billion (USD 10.965 billion), up 8.3% from the same period last year. Profit before interest, tax and special items was DKK 8.785 billion (US $1.272 billion), down 15.0% year-on-year.
In addition, DSV's seaborne cargo volume in the third quarter was 704,300 TEU, an increase of 8% year-on-year; Air cargo volume was 351,900 tons, up 8% year-on-year. The volume of seaborne cargo in the first three quarters was 200.71 million TEU, up 7% year on year; Air cargo volume was 1,036,200 tons, up 7 percent year-on-year.
For the performance of the third quarter of this year, DSV commented that although the market is still affected by the uncertain macroeconomic outlook, as well as the escalation of the situation in the Middle East and the Red Sea, DSV achieved positive growth due to the combination of significant growth in cargo volumes and improved free cash flow.
Based on the results of the first three quarters and expectations for the fourth quarter, DSV has raised the lower end of its forecast for 2024 earnings before interest and tax (EBIT) from 15.5-17 billion Danish Kroner ($2.244 billion - $2.461 billion). It was raised to 16 billion to 17 billion Danish kroner ($2.316 billion to 2.461 billion).
