Kuehne+Nagel Q1 Profit, Turnover Down

(RTTNews) - Kuehne + Nagel International (KHNGY), a Swiss transport and logistics company, on Tuesday reported that its first-quarter earnings fell 40 percent to 278 million Swiss Francs from last year's 462 million francs.

EBIT, a key earnings metric, dropped 39 percent from last year to 376 million francs, and EBITDA declined 28 percent year-over-year to 576 million francs.

Net turnover was 5.51 billion francs, down 18 percent from prior year's 6.75 billion francs. The company noted that the results were lower overall and impacted by negative exchange rate effects of 3 percent relative to the prior year.

Stefan Paul, CEO of Kuehne+Nagel International said, "In a challenging environment, Kuehne+Nagel started the business year 2024 with solid but lower year-over-year results. Our focus on efficiency and streamlined structures allowed us to reduce costs per unit by 12 percent in Sea Logistics and 14 percent in Air Logistics. By discontinuing the regional structure, we have laid the foundations for further growth and enabled more direct access to our customers worldwide."

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