The freight forwarder 4Q reports continued their run of outperformance with DSV having delivered revenues that were 8% higher than last year. That was 2% points better than analysts’ forecasts due to faster-than-expected airfreight growth. XPO Logistics similarly did 8% better than expected in growing by 14%. Yet, XPO’s growth appears to have come at the expense of profitability, with an EBITDA margin of 7.9% vs. 8.6% expected by analysts. That repeated a pattern seen by UPS, but was bettered by DSV which delivered a 7.5% margin vs. forecasts of 7.3%. DSV did that by completing cost c...