Supply Chain Research

Freight forwarder Panalpina reported 4Q revenues that grew 10% on a year earlier and were 1% better than expected. Yet, that was still a little behind the sector more broadly that grew 12% and outperformed by 2%. Panalpina’s slower performance was due in part to a 3% drop in volumes in the ocean-freight business, where “challenging” market conditions led to an operating loss. Unlike the sector broadly though the company’s profitability (EBITDA of 2.9%) was better than expected reflecting its reluctance to get drawn into aggressive competition. The company remains focused on “selected bol...