Kuehne+Nagel (K+N) reported strong results in Q3 2024, but year-to-date revenue and margins have tightened.
According to K+N, supply chain disruption led to higher quarter-on-quarter profitability per unit in both sea and air logistics. During the third quarter of 2024, K+N posted a net turnover of CHF6.5 billion (USD7.5 billion), up 19 percent from CHF5.4 billion (USD6.2 billion) in Q3 2023. Q3 2024 EBIT stood at CHF455 million (USD523.9 million), up 2 percent year on year.
Year to date, K+N achieved a net turnover of CHF18 billion (USD 20.8 billion). This is down slightly from 2023, which saw the same January to September period hit CHF18.1 billion (20.97 billion). However, margins have come under pressure, EBIT down year on year by 22 percent to CHF1.23 billion (USD1.43 billion).
“The strategic streamlining of the company by removing the regional structure is beginning to bear fruit,” said Stefan Paul, ceo of K+N. “We have also reached an important milestone in our strategy with the seamless migration to the cloud of our sea and air logistics transport management system.”
