Swiss logistics group Kuehne + Nagel is experiencing a drop in demand that has resulted in lower revenue from both sea and air in the second quarter, when compared to analysts’ expectations.

Still, the company has made more money on the bottom line than expected, Bloomberg News reports.

The company generated a total revenue of CHF 5.97bn (USD 6.88bn) in the second quarter. Analysts were aiming for CHF 7bn. 

Of this, CHF 2.19bn came from sea freight and 1.65bn came from air freight while the rest was distributed among other business areas.

Analysts were expecting revenue of CHF 2.78bn from sea freight and 1.78bn from air freight, according to Bloomberg estimates.

The earnings before interests and taxes (EBIT) amounted to CHF 523m against an expectation of 486.8m.

On the bottom line, the Swiss company posted earnings of CHF 398m, exceeding analysts’ prediction of 345.7m.

”In the first half of 2023, Kuehne + Nagel Group has delivered significantly better financial results than the comparable figures for the pre-corona period,” the company writes, according to Bloomberg.

The EBITDA result also surprised positively by landing at CHF 715m against an estimate of 683.3m.

(Translated using DeepL with additional editing by Christian Radich Hoffman)