Investing.com -- Kuehne & Nagel (BS:KNINz) increased its full-year 2026 earnings guidance after reporting third-quarter results that exceeded analyst expectations.
The Swiss logistics company raised its recurring EBIT guidance to CHF1,500m-1,600m from CHF1,350m-1,550m. The new midpoint of CHF1,550m represents a 7% increase and stands 4% above the consensus estimate of CHF1,496m.
Third-quarter EBIT came in 8% above consensus estimates. The company attributed the performance to strong volume growth, improved yields and cost control measures.
The sea logistics division posted a 5% year-over-year increase in volumes and a 10% rise in gross profit. EBIT reached CHF172m, up 55% from the prior year and 10% above consensus. The division's conversion rate improved to 32% from 23% in the previous year on an adjusted basis. Market share gains in Asia outbound and transatlantic routes, combined with a 5% quarter-over-quarter increase in yields, drove the growth.
Air logistics volumes grew 10% year-over-year, with EBIT of CHF169m marking an 84% increase from the prior year and exceeding consensus by 7%. The conversion rate improved to 32.4% from 22.8%. Demand from semiconductors, cloud infrastructure and Southeast Asia exports supported the division's performance.
Road logistics revenue increased 14% year-over-year, with EBIT of CHF28m up 40% from the prior year. The division's conversion rate rose to 7.8% from 6.1%.
Contract logistics revenue grew 9% year-over-year, with EBIT of CHF66m up 7% and 16% above consensus. The company reported 37 contracts currently in implementation.
Free cash flow reached CHF336m, up 49% year-over-year. Net working capital intensity of 5.8% exceeded the company's target range of 4.5%-5.5%.
Original Article
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