Panalpina’s 11th Miss Shows Fierce Forwarder Competition — Panjiva


Panalpina’s 11th Miss Shows Fierce Forwarder Competition

Corp - Forwarders 160 Earnings 371 Global 747 Mode - Airfreight 132 Mode - Seaborne 1286

Freight forwarder Panalpina reported third quarter revenues that were 13% higher than a year earlier. That’s 5% better than analysts’ expectations on strong airfreight volumes. However, profitability (indicated by EBITDA) was 5% weaker than expected, the 11th time in the past 12 quarters that Panalpina has missed estimates. Panalpina has the lowest EBITDA margins in the sector at 2.8% vs. an average of 6.1%. A similar issue was seen at K+N, and results from high levels of competition among forwarders. At the same time there were higher container rates in part due to carrier consoli...

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