DFDS reports revenue increase but EBIT decrease in Q2 2024

From GlobeNewswire: 2024-08-14 01:30:00

DFDS reported revenue up by 9% to DKK 7.6 billion in Q2 2024, with EBIT decreasing by 28% to DKK 519 million. Adjusted free cash flow rose by 21% to DKK 724 million, and CO2 ferry emission intensity dropped by 3%. The CEO emphasized the importance of protecting ferry market positions and improving Logistics’ earnings.

For the rest of 2024, DFDS forecasts an EBIT of DKK 1.7-2.1 billion and revenue growth of 8-11%. Adjusted free cash flow is expected to be around DKK 1.5 billion. Despite facing challenges in Q2, the company remains committed to its green transition and unlocking the value of its expanded network.

The Logistics division faced market headwinds in Q2, particularly in Belgian and Dutch operations. In addition to market impacts, underperformance of the Nordic Cold Chain business unit affected results. DFDS plans to adapt the cost base, grow volumes organically, and complete the Nordic unit’s turnaround by year-end.

DFDS continued returning excess capital to shareholders in Q2, distributing a dividend of DKK 168 million and more than DKK 200 million through a share buyback program. The company adjusted its EBIT outlook for 2024 due to market challenges but maintained the adjusted free cash flow outlook around DKK 1.5 billion.

DFDS operates a transport network in Europe with annual revenue of DKK 28 billion and 14,000 full-time employees. The company moves goods in trailers by ferry, road, and rail, offers complementary logistics solutions, and provides short sea and overnight ferry routes for car and foot passengers.



Read more at GlobeNewswire:: DFDS Q2 2024 INTERIM REPORT