$KNIN (-0,04%) Kuehne+Nagel - Quarterly figures

Kuehne+Nagel shares started regular trading on Tuesday with slightly firmer prices after the publication of the half-year figures. The decline in profits published by the logistics specialist in the morning was roughly in line with expectations.

At around 9.20 a.m., the shares were trading 0.4 percent higher at CHF 265. This contrasts with a 0.09 percent decline in the SMI market as a whole. However, the Central Swiss company will not get rid of the red lantern in the current year.

According to analysts, there were no major surprises in the second quarter. The profit figures were a touch above most analysts' expectations. "The efficiency improvements are bearing fruit," one expert put it in a nutshell.

The second important takeaway: air freight volumes are picking up again significantly. Because the freight routes via the Red Sea have been disrupted, more and more customers are having the transportation times of their goods shortened by plane.

With regard to the outlook, the company is - as usual - not yet giving a clear picture. Some analysts see this as a dampening factor for the shares.

Kuehne+Nagel's shares have never really recovered since the drop in the share price caused by the figures at the end of February. And in view of the rapidly changing geopolitical climate, they are subject to strong mood swings. With a drop of a good 8 percent, the shares were the SMI laggards in 2024.

(Source: awp)

Key figures H1 2024 (comparison with H1 2023):

• Net salesCHF 11.6 billion (2023: CHF 12.7 billion, -9%)
• Gross profitCHF 4.3 billion (2023: CHF 4.6 billion, -8%)
• EBIT: CHF 778 million (2023: CHF 1,135 million, -32%)
• Earnings per share: CHF 4.74 (2023: CHF 7.21, -34%)
• Conversion rate: 18% (2023: 24%)
• Free cash flowCHF 40 million
• Cash and cash equivalents (net)CHF 657 million

Outlook per segment:

• Ocean Freight:
• Expansion of customer service with seven new locations
• Focus on small and medium-sized companies to increase service quality
• Contract logistics:
• Expansion of the e-commerce business with new fulfillment centers in Italy, the USA and Dubai
• Healthcare:
• Introduction of a new solution for temperature-controlled sea freight containers to reduce CO2 emissions
• Digitalization:
• Accelerated implementation of AI-based solutions to increase efficiency
• Expansion of the cloud data platform and the digital twin to make better use of data

Happy investing

GG