Kuehne + Nagel International, a Swiss-based transportation and logistics firm, has revealed a 40% decline in its first-quarter earnings, dropping to 278 million Swiss Francs from the previous year's 462 million francs.
The company's EBIT, a critical measure of earnings, slipped 39% from the previous year to 376 million francs, while EBITDA experienced a 28% year-over-year decrease, arriving at 576 million francs.
The company's net turnover came in at 5.51 billion francs, representing an 18% decline from the previous year's value of 6.75 billion francs. Kuehne + Nagel acknowledges that overall, results have declined, impacted by unfavourable exchange rate variations of 3% compared to the previous year.
Stefan Paul, Kuehne + Nagel CEO, remarked, "In a challenging environment, Kuehne + Nagel has entered the 2024 business year with solid but lower year-over-year results. Our concentration on efficiency and streamlined infrastructures enabled us to diminish per unit costs by 12% in Sea Logistics and 14% in Air Logistics. Thanks to the elimination of the regional structure, we have established the groundwork for additional growth and facilitated more direct customer contact globally."
