Kuehne & Nagel gains in 1Q
Kuehne & Nagel International AG, the Swiss-based forwarding and logistics company, showed improved first-quarter earnings and revenue, despite the economic slowdown in North America.
The company said its gross profit increased 10.2% in the first three months of the year to 373 million Swiss francs (about $220 million). Revenue jumped 12.2% in the period to about $1.2 billion.
Kuehne & Nagel said its international forwarding business unit showed a steady increase in revenue, especially in ocean and air freight, while its contract logistics business union “continued to accelerate” its profit.
The company, which has 530 offices in 90 countries, said the strongest business growth took place in its Western Europe and the Asia-Pacific regions, while its U.S. business remained strong despite the weakening economy. The Eastern Europe region reported stagnant business volume.
Kuehne & Nagel’s board said it expects the company this year to at least 2000 revenue of $5 billion and net profit of $74 million.
