Swiss logistics group Kuehne und Nagel reported a 31 per cent jump in its fourth quarter operating profit on Tuesday, driven by improved profitability in its Sea and Air Logistics businesses, but missed market expectations for the metric.
Like its ocean shipping peers, Kuehne und Nagel has benefited from longer sailing times and soaring freight rates as ships were rerouted around Africa to avoid attacks by Iran-backed Houthi terrorists in the Red Sea in support of Hamas in Gaza.
The freight forwarder's earnings before interest and taxes (EBIT) rose to 421 million Swiss francs ($470 million) in the final quarter of 2024 from 322 million a year earlier.
That was below analysts' median estimate of 430 million francs in a company-provided poll.
The company said its sea and air logistics businesses recorded 41 per cent and 18 per cent higher quarterly EBIT, respectively.
The freight forwarder, which operates in more than 100 countries, said it would provide a financial outlook for 2025 at its upcoming Capital Markets Day event on March 25.
(Reporting by Anastasiia Kozlova in Gdansk; Editing by Milla Nissi)