Supply Chain Research

Freight forwarder Kerry Logistics reported 2017 revenues that climbed 28% on a year earlier, which was 7% points better than analysts expected. The improvement included a 78% surge in Americas volumes. While volume expansion on shipments into the U.S. by Kerry’s Apex subsidiary rose just 6% on a year earlier, that has subsequently accelerated to 17% for the first two months of 2018. The acceleration may take a further toll on profitability, which was already in decline. Kerry’s EBITDA margin fell to 8.3% from 9.5% a year earlier, both a faster decline than the sector broadly and the wors...