Supply Chain Research

Freight forwarder DSV reported 3Q revenues that were 9% higher than a year earlier, and beat analysts’ expectations. An 8% growth in volumes was twinned with achieved rates that were broadly unchanged. That allowed it to outperform peers K+N and Panalpina that saw falling profit margins after more aggressive volume expansion. DSV’s profitability (earnings before interest, tax, depreciation and amortization vs. revenues) was better than expected at 8.0% vs. 7.0% a year earlier due to extensive cost cutting after the UTi acquisition. While DSV may not outperform the sector’s expected reven...