GERMAN logistics giant DHL reported second-quarter (Q2) revenue and earnings slightly above expectations on Thursday, as air and ocean freight volumes showed modest improvements from a low starting level.
Quarterly revenue rose 2.7 percent from a year earlier to 20.6 billion euros ($22.3 billion), ahead of analysts’ mean forecast of 20.31 billion euros, according to LSEG data.
Its operating profit fell to 1.35 billion euros from 1.69 billion last year, also beating expectations of 1.33 billion.
The group’s international fast-shipping business Express saw a decline in shipment volumes, although business-to-business (B2B) volumes increased slightly.
“We are also seeing a modest improvement in B2B volumes at Express, but not yet a significant acceleration. Accordingly, the utilization of our Express network is still not optimal at the moment,” finance chief Melanie Kreis said in a statement.
DHL Group’s consolidated net profit after noncontrolling interests fell to 744 million euros in the quarter, from 978 million a year earlier, missing analysts’ expectations of 797 million euros.
The company, which delivers packages worldwide and also operates postal operator Deutsche Post in Germany, confirmed its forecasts for the 2024 financial year.
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