K+N reports growth in airfreight, invests in U.S. perishables market
Today, Swiss forwarder Kuehne + Nagel (K+N) released its financial results for the first nine months of 2018, which show growth in its airfreight sector of 19 percent to US$272.3 in operating income (EBIT), and a tonnage increase of 16 percent to 1,302 million tonnes, compared to the same period last year.
Growth rates have remained strong for K+N, on par with its results from quarters passed, which are in line with competitors like Panalpina – even while the industry at large experiences a slow-down. The forwarder’s largest contributor, in terms of proportional contribution of its overall EBIT, is the Europe, Middle East, Asia (EMEA) region, but it saw the highest percentage of growth in its Americas region.
K+N said its investments in the U.S. perishables market are at the forefront of its airfreight strategy. During the nine-month period, it completed the integration of CFI Commodity Forwarders, a major U.S.-based produce and perishables forwarder, to operate the K+N Fresh Solutions concept in the U.S. It also acquired the perishables logistics business of Quito-based Panatlantic Logistics S.A. in August. The company said that looking forward, it intends to continue to strengthen its network in this segment.
