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DSV reported lower earnings in the first quarter of 2024
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The performance is “in line with expectations reflecting the normalization of freight markets,” the company said
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Operating profit (EBIT) for the period declined 22% to DKK 3.641 billion from DKK 4.672 billion
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Revenue of DKK 38.34 billion was down 6.38% year-on-year
DSV reported lower earnings in the first quarter of 2024, which the company said is “in line with expectations reflecting the normalization of freight markets” after the COVID 19 pandemic.
Operating profit (EBIT) for the first three months of the year declined 22% to Danish krone (DKK) 3.641 billion from DKK 4.672 billion on the back of the DKK 38.34 billion revenue, down 6.38% year-on-year.
DSV said it stands by its full-year EBIT guidance of DKK 15 billion to 17 billion for 2024.
Adjusted earnings for the period was also down 26.2% from DKK 3.34 billion to DKK 2.463 billion.
Jens Lund, Group CEO, in a statement said: “We are off to a good start delivering strong financial results in the first quarter of 2024, and I’m particularly satisfied that we are gaining market shares in all three divisions. We do this in a market that is normalising after a few very volatile years following the COVID pandemic.
“We have also completed the leadership changes, the organisation has settled, and together with the new but highly DSV-experienced leadership team we are fully focused on executing on our strategy supporting organic growth as well as M&A. Doing this, we ensure a clear continuation and maintaining the DNA that has always been a driving force in DSV.”
In February, DSV made changes to the Executive Board and the Group Executive Committee.
Lund assumed the position of Group CEO from being Group COO and Vice CEO. Jens Bjørn Andersen stepped down after more than 15 years in charge of the DSV Group.
Brian Ejsing was also appointed new Group COO of DSV A/S and joined the Executive Board.
The DSV Executive Board now consists of Lund, Ejsing and Group chief financial officer Michael Ebbe.
