Kuehne und Nagel Q3 profit rises as sea logistics thrive
Adds analysts comments in paragraphs 3, background on cost cutting measures in paragraph 5
By Elizaveta Gladun and Anastasiia Kozlova
Oct 23 (Reuters) -Swiss logistics group Kuehne und Nagel KNIN.S reported a 2% increase in its third-quarter operating profit on Wednesday, citing higher profitability per unit in sea logistics.
As one of the biggest global freight forwarders, Kuehne+Nagel has benefited from increased market turmoil amid supply chain disruptions caused by the Red Sea crisis and Russia's airspace closure after its invasion of Ukraine.
Earnings before interest and taxes rose to 455 million Swiss francs ($525 million) in the third quarter of 2024 from 446 million a year earlier.
Kuehne und Nagel's improved profitability was due to cost management and the effect of recent restructuring efforts, according to Bernstein analyst Alex Irvine.
In March, the logistics group said it had adjusted its cost base during the fourth quarter of 2023 to cope with tough market conditions, resulting in redundancy costs of 53 million francs that included laying off less than 2% of its workforce.
The group said its sea logistics business recorded a 9% rise in third-quarter core earnings amid supply chain disruption in the Red Sea and the port strike on the US East and Gulf Coasts.
The company's net turnover for the third quarter was 6.5 billion francs, a 19% increase from the 5.4 billion francs recorded in the same period in 2023.
($1 = 0.8669 Swiss francs)
Reporting by Elizaveta Gladun and Anastasiia Kozlova, editing by Matt Scuffham
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
