Kuehne+Nagel Q12024 earnings down 40% on -ve exchange rate effects

The net turnover of air logistics in the first quarter of 2024 was down 15% at CHF 1.6 billion ($1.7 billion) with an EBIT of CHF 94 million, down 39%.

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: Stefan Paul, Kuehne+Nagel

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Sea logistics net turnover declined 28% to CHF 1.9 billion with an EBIT of CHF 197 million, down 43%. The sea freight volume reached one million TEU by the end of March 2024.

The net turnover of road logistics in the first quarter of 2024 declined 10% to CHF 860 million with an EBIT of CHF 30 million, down 42%. In March 2024, Kuehne+Nagel announced the acquisition of South East Asian road logistics service provider City Zone Express.

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