Q3 2024 Kuehne und Nagel International AG Earnings Call Transcript
Key Points
- Kuehne + Nagel International AG (KHNGF) achieved a sequential improvement in group EBIT in Q3, marking the first year-over-year quarterly increase in two years.
- The company reported a significant reduction in unit costs for sea logistics and stable costs for air logistics, driven by ongoing cost control efforts.
- Contract Logistics showed solid EBIT growth, with a notable increase in market share in key healthcare and e-commerce segments.
- The company successfully migrated its core transport management system to the cloud, enhancing its technological capabilities.
- Kuehne + Nagel International AG (KHNGF) has streamlined its management structure and refocused its sales force, creating a solid platform for future growth.
- The company faced inflationary pressures that mitigated the benefits of cost-saving measures.
- Working capital expansion due to rising sea freight rates softened the effect on free cash conversion.
- The anticipated peak season did not meet expectations, partly due to front-loading of cargo demand.
- Air Logistics saw a modest increase in operating expenses, which offset gross profit growth.
- The Road Logistics segment experienced a relatively weak EBIT contribution during Q3, reflecting soft market conditions in core regions like Germany and France.
Ladies and gentlemen, welcome to the nine-months 2024 results conference call and live webcast. I'm Sandra, the Chorus Call operator. (Operator Instructions) 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 Stefan Paul, CEO of Kuehne + Nagel. Please go ahead, sir.
Thank you very much, Sandra. Good afternoon, and welcome to the presentation of Kuehne + Nagel's nine months 2024 financial results. I'm CEO, Stefan Paul; and I'm joined by our CFO, Markus Blanka-Graff.
Before I go into the details, please apologize my voice. I catched a little bit of a cold. I will speak a bit slower in order to ensure that everybody will understand what I'm going to say.
Let's move to the nine months results, the overview. In Q3, Kuehne + Nagel achieved a sequential improvement in group EBIT and the first year-over-year quarterly
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