AI air freight drives Kuehne+Nagel profit increase
· Source: freightwaves.com
In short
Kuehne+Nagel beat analyst estimates in the third quarter, with revenue up 22% to $8.97 billion and pre-tax earnings rising 53% to $527 million, driven by AI-related air freight demand from cloud infrastructure and semiconductor customers. Air cargo volumes grew 10% year over year against market growth of about 6%, with 60% to 70% of the outperformance coming from market share gains. The forwarder raised its full-year EBIT outlook to $1.88 billion and is expanding cold chain capacity and digital logistics capabilities.
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Tags: air freight, forwarding, semiconductors, cold chain, earnings