DSV reports strong Q2 results with market share gains and narrowed full-year earnings guidance

From GlobeNewswire: 2024-07-24 01:31:00

DSV Group announced strong Q2 2024 results with market share gains in all divisions. Despite a 4.0% decline in gross profit and a 12.4% decline in EBIT before special items compared to last year, they achieved nominal growth in EBIT driven by volume increases and stable earnings per unit in Air & Sea.

In Q2 2024, DSV demonstrated strong financial performance with market share gains, narrowing full-year 2024 EBIT guidance to DKK 15,500-17,000 million. CEO Jens H. Lund highlighted positive volume growth and stabilisation of gross profit in the Air & Sea division, attributing success to a strengthened commercial platform.

Selected key figures for Jan-Jun 2024 show revenue of DKK 41,157m, gross profit of DKK 10,841m, operating profit before special items of DKK 4,099m, and an adjusted free cash flow of DKK 1,229m. Diluted adjusted earnings per share for the last 12 months is DKK 52.7.

DSV predicts a positive impact in the second half of 2024 from the Red Sea situation. Despite competitive markets, Road division saw a 4.4% increase in EBIT for Q2, while Solutions division had an 8.1% gross profit increase. The company plans to invest in infrastructure and expects gains from operational efficiency initiatives in 2025.

Outlook for 2024 includes narrowing full-year EBIT guidance to DKK 15,500-17,000 million, an effective tax rate of 24%, and one-off costs of DKK 650 million. Additionally, DSV launches a new share buyback program of DKK 1,500 million until October 22, 2024.

CEO Jens H. Lund is optimistic about continued growth and market leadership, emphasizing the company’s focus on margins, operational efficiency, and the combination of organic and inorganic growth strategies. Investors are encouraged to participate in a new share buyback program and contact IR for more information.



Read more at GlobeNewswire:: DSV, 1123 – INTERIM FINANCIAL REPORT H1 2024