Kuehne+Nagel post Q3 growth, while nine-month figures remain below 2023 levels

Logistics major Kuehne+Nagel saw its key indicators develop positively, posting a quarter-on-quarter EBIT and profit jump for the first time since the end of the pandemic. However, the figures for the first nine months of 2024 are below those of the corresponding period last year.

Kuehne+Nagel reported a net turnover of CHF 18 billion (€19.2 billion) for the first nine months of 2024, 1 per cent below the 2023 figures. However, the third quarter 2024 turnover reached CHF 6.5 billion (€6.9 billion) rising 19 per cent when compared to the corresponding quarter a year prior.

Earnings before interest and taxes (EBIT) for the first nine months was at CHF 1.2 billion, 22 per cent down from the January-September 2023 figures. Earnings landed at CHF 915 million (€978.2 million), 23 per cent down from the first nine months of 2023.

However, quarter-on-quarter and year-on-year, both EBIT and earnings jumped. Third quartr EBIT was up 2 per cent on Q3 2023, while earnings rose 6 per cent.

“The highly flexible logistics solutions of Kuehne+Nagel have once again proven to be a clear advantage for our customers in the face of increasing supply chain disruptions worldwide. This is also reflected in our positive business development,” Stefan Paul, CEO of Kuehne+Nagel International said. “The strategic streamlining of the company by removing the regional structure is beginning to bear fruit. We have also reached an important milestone in our strategy with the seamless migration to the cloud of our Sea and Air Logistics transport management system.”

Figures across business units

The Sea Logistics business unit generated net turnover of CHF 6.7 billion (€7.1 billion), 2 per cent below 2023 turnover. Kuehne+Nagel handled a total volume of 3.2 million containers (TEU) during this period.

The Air Logistics business unit achieved net turnover of CHF 5.2 billion (€5.5 billion), representing a 4 per cent year-over-year increase. Air freight volume rose 6 per cent to 1.5 million tonnes.

The Road Logistics business unit recorded net turnover of CHF 2.6 billion (€2.8 billion), a slip of 3 per cent as utilization of the European transport network was lower due to macroeconomic factors.

The Contract Logistics business unit continued its strong performance, generating net turnover of CHF 3.5 billion (€3.7 billion), still 3 per cent below the net turnover reported in the first nine months of 2023.