DSV Panalpina delivers strong performance
During Q3 2020, DSV Panalpina have seen a strong financial performance in all divisions, with results exceeding our internal expectations. The results are driven by better than anticipated market conditions across our different markets and lower than anticipated negative impacts from COVID-19.
The air freight market continues to be characterised by tight capacity, and although volumes are lower than same period last year, this is compensated by high gross profit per shipment.
The Panalpina integration and COVID-19 cost savings initiatives are progressing well, and synergies and cost savings are being realised faster than expected.
Based on preliminary numbers from Q3 2020 and expectations for the remaining part of 2020, DSV Panalpina upgrades the outlook for the full year 2020.
EBIT before special items is expected to be above DKK 9,250 million (previously in the range of DKK 8,200-8,700 million).
There are no other changes to the guidance announced on 31 July 2020.
DSV Panalpina expect to publish our Q3 2020 interim results on 29 October 2020 as planned, with further details on the Company’s performance in Q3 2020.
Source: DSV Panalpina