DHL Q2 revenue down 16%, consolidated net drops 31%
Global forwarding saw revenue slip 41% to €4.8 billion and EBIT decline 47% to €388 million
DHL Group reported a 16 percent decline in revenue at €20.1 billion (Q2 2022: €24 billion) for the second quarter ended June 30, 2023 "which continued to be characterised by lower volumes and declining freight rates."
While EBIT was down 27 percent to €1.7 billion, consolidated net profit dropped 31 percent to €978 million from €1.5 billion in Q22022, says an official release.
“Thanks to our balanced portfolio and global presence, we were once again able to demonstrate our resilience," says Tobias Meyer, CEO, DHL Group. "This is particularly evident in times of a weak global economic momentum. We took the right measures at an early stage to deal with the current macro environment. This, along with the dedicated efforts of our employees, is reflected in the high earnings level, which is well above those of the pre-pandemic years.”
Express revenue was down 12 percent to €6 billion and EBIT declined 18 percent to €901 million. Global forwarding saw revenue slip 41 percent to €4.8 billion and EBIT decline 47 percent to €388 million.
For the first six months, group revenue was down 12 percent to €41 billion, EBIT declined 26 percent to €3.3 billion and consolidated net profit dropped 33 percent to €1.9 billion.
Hikes 2023 outlook
DHL Group has raised the lower end of its EBIT guidance for 2023 to €6.2 billion (previously €6 billion).
"In the favourable event of a recovery of the global economy early in the second half of the year ("V-shaped" development), the Group expects EBIT of around €7 billion (unchanged).
*In the event of a recovery at the end of the year ("U-shaped" development), the Group expects EBIT of around €6.6 billion (previously €6.5 billion).
*In the unfavourable event of no significant recovery in the global economy in the remainder of the year ("L-shaped" development), the Group expects EBIT of at least €6.2 billion (previously €6 billion)."