News Content

K+N's Q3 earnings rise 4pc to US$189m on 15pc higher turnover

SWISS-based third-party logistics provider, Kuehne + Nagel, achieved third-quarter earnings of CHF184 million (US$188.7 million), an increase of four per cent over the same quarter in 2016.

The company's third-quarter net turnover rose 14.9 per cent year on year to CHF4.7 billion, according to its latest financial statements, reported American Shipper.

In the first nine months of 2017, earnings amounted to CHF540 million on a net turnover of CHF13.5 billion, up 1.3 per cent and 10.4 per cent year on year, respectively.

Broken down by segment for the first three quarters of the year, the sea freight segment saw volumes rise by eight per year on year. Kuehne + Nagel's strongest volume increases were realised in all US trades, and the company also recorded double-digit growth in the Latin America trades.

However, the sea freight segment's earnings before interest and taxes for the first nine months of 2017 declined by 9.4 per cent year on year to stand at CHF308 million.

The air freight segment's volumes for the first nine months of the year soared by 19 per cent compared to the same period in 2016, growing twice as fast as the market. The company gained new business in the pharmaceutical, high-tech and automotive industries, while perishables logistics continued to develop "very successfully," the company said.

EBIT in the airfreight segment totalled CHF227 million for Q1-3, an increase of 3.2 per cent year on year.

In addition, the overland segment's EBIT reached CHF36 million, up from CHF18 million for the first nine months of 2016, while the contract logistics segment's EBIT totalled CHF114 million, up 14 per cent from the first nine months of last year.