Kuehne + Nagel International AG (OTCPK:KHNGF)
$ 278.41 -11.14 (-3.85%) Market Cap: 32.35 Bil Enterprise Value: 34.22 Bil PE Ratio: 24.27 PB Ratio: 10.69 GF Score: 85/100
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Half Year 2024 Kuehne und Nagel International AG Earnings Call Transcript

Jul 23, 2024 / 12:00PM GMT
Release Date Price: $295.7

Key Points

Positve
  • Kuehne + Nagel International AG (KHNGF) achieved a Q2 EBIT result of CHF402 million, improving from CHF376 million in Q1.
  • The company expects stronger group profits in the second half of the year due to higher seafreight yields and an anticipated airfreight peak season.
  • Sea Logistics saw a significant EBIT improvement from CHF107 million in Q1 to CHF200 million in Q2.
  • Air Logistics delivered a solid EBIT of CHF160 million in Q2, up from CHF94 million in Q1.
  • Contract Logistics generated a stable EBIT result of CHF50 million in Q2, with gross profit growth accelerating to 8% year-on-year.
Negative
  • Sea Logistics' year-on-year volume development was down 1% in Q2, reflecting a challenging market environment.
  • Recurring operating expenses in Air Logistics increased by 3% in Q2 due to inflationary pressures.
  • Road Logistics experienced soft demand in core European and North American markets, impacting GP growth.
  • The acquisition of Malaysia Bay City Zone Express faced delays in regulatory approval, now expected to close in Q3.
  • Net working capital expanded due to a sharp rise in seafreight rates, impacting free cash flow generation.
Operator

Ladies and gentlemen, welcome to the half year 2024 results conference call and live webcast. I am Sandra, the chorus call operator. (Operator Instructions) And the conference is being recorded. (Operator Instructions)

The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Mr. Stefan Paul, CEO of Kuehne und Nagel. Please go ahead, sir.

Stefan Paul
Kuehne und Nagel International AG - Chief Executive Officer, Member of the Management Board

Thank you very much, Sandra, and good afternoon and welcome to the presentation of Kuehne und Nagel half year 2024 financial results. I'm CEO, Stefan Paul and I'm once again joined by our CFO, Markus Blanka-Graff, sitting next to me. Let's go into the half year 2024 figures, page number 2.

Focusing on the most recent quarter, the Kuehne und Nagel group achieved a Q2 EBIT result of CHF402 million, which fulfilled our expectations to improve on the Q1 results of CHF376 million. The Q EBIT result was CHF419 million, excluding nonrecurring costs

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