K+N and UPS provided a study in contrasts in their 1Q results. K+N’s revenues increased by 7.7% year over year including a 6.2% improvement in ocean freight volumes. UPS meanwhile saw growth of just 0.3% – the lowest since 3Q 2015 – including a 3.9% drop in international supply chain revenues. K+N has been selective in where it has built market share, indeed its U.S. seaborne import volumes fell 1.1%. It nonetheless outstripped UPS, which saw an 18.1% drop due to its exposure to China. K+N’s profitability has improved with an EBITDA margin of 8.0% being the highest since at least 2013, h...