Supply Chain Research

Freight forwarder DSV reported 4Q 2018 revenues that were 4.3% better than consensus estimates, in part due to an 18.6% surge in seafreight handling. While that was driven in large part by the effect of direct costs that don’t count towards profitability it nonetheless included a 4.1% rise in net revenues. Profitability, at the EBITDA margin line, improved to 7.7% from 7.5% but was below expectations after the logistics solutions business saw a drop in profitability. A large exposure to road freight and solutions is one reason for the – currently stymied – bid by DSV for Panalpina. While...