Source: Benzinga

Panalpina: Panalpina Sees Tough Quarter As Pending Merger And Auto Sector Weigh On Results

International freight forwarding and logistics company Panalpina Welttransport (U.S. OTC: PLWTF) reported 0.64 (Swiss Francs, or CHF) per share in earnings for the second quarter of 2019 compared to 0.84 CHF for the same period last year and well below Seeking Alpha's consensus estimate of 0.92 per share. (One Swiss Franc equals $1.01.)"After it was announced that Panalpina and DSV would join forces, our competitors went more aggressively after our business in the second quarter, but we stood our ground. The decrease in gross profit was chiefly the result of lower margins in air freight and lower volumes from the automotive sector, which shifted into reverse gear. Nonetheless, group EBIT [earnings before interest and taxes] and profit almost reached last year's levels. Given these circumstances, our stable half-year results are a respectable achievement," said Panalpina's Chief Executive Officer Stefan Karlen.Panalpina reported first half 2019 earnings per share of 1.46 CHF, which was modestly lower than last year's 1.56 CHF for the first half.In early April 2019, the company announced it would be acquired in a $4.6 billion deal by Danish competitor DSV (U.S. OTC: DSDVF).Panalpina saw a 1.6 percent year-over-year decline in net forwarding revenue to 1.478 billion CHF as airfreight volume increased 1.2 percent year-over-year, which was offset by a 2.4 percent decline in ocean freight volume.AirfreightManagement believes that its 1 percent volume growth in airfreight ...Full story available on Benzinga.com

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Panalpina Group is a provider of air and ocean freight forwarding and logistics services to the aerospace, automotive an... Read more