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Third-quarter revenue increased 22.2% y-o-y to 60.56 billion Danish kroner (US$7.91 billion) while net profit rose 40% to DKK 4.43 billion
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For the first nine months of 2022, gross profit grew 50% to DKK 13.54 billion, EBIT before special items grew 75% to DKK 6.5 billion, and adjusted free cash flow quadrupled from DKK 16.76 billion
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Full-year outlook range for 2022 upgraded to EBIT before special items of DKK 24.5 billion-25.5 billion from DKK 23 billion-25 billion previously
Danish transport and logistics company DSV posted strong Q3 2022 interim results on October 25, citing good performance in all divisions, namely air & sea, solutions and road, which contributed to earnings growth and market share expansion.
Third-quarter revenue increased 22.2% year on year to 60.56 billion Danish kroner (US$7.91 billion) while net profit rose 40% to DKK4.43 billion from DKK 3.16 billion a year ago, the company announced from its headquarters in Hedehusene, Denmark.
In the first nine months of the year, gross profit grew 50% to DKK 13.54 billion from DKK 9.82 billion for the same period in 2021, the company said.
Earnings before interest and tax (EBIT) before special items grew 75% to DKK 6.50 billion from DKK 4.47 billion, and adjusted free cash flow more than quadrupled from DKK 16.76 billion during the same period last year.
Air & sea achieved an 81% increase in EBIT before special items, solutions posting a 104% EBIT surge and road registering an 18% EBIT expansion for the first nine months of 2022.
“All three divisions continued the good performance with growth in earnings and market share gains across most of our business areas,” said Jens Bjørn Andersen, group chief executive of DSV.
“The global economic uncertainty has increased, but we have great trust in our flexible business model, which enables us to quickly adapt to changes.”
The company said the integration of Agility GIL is now successfully completed. DSV said the Q3 results are the first interim financial results to overlap with the integration, which began on August 16, 2021.
The global economic uncertainty has increased, but DSV’s flexible business model enables the company to quickly adapt to changes.
DSV has upgraded its full-year outlook range for 2022. EBIT before special items is expected to be in the range of DKK 24.5 billion-25.5 billion vs. DKK 23 billion-25 billion previously.
Based on its strong performance in January-September and its fourth quarter expectations, DSV upgraded its full-year outlook with a forecast EBIT before special items of DKK 24.5 billion-25.5 billion, from DKK 23 billion-25 billion previously.
DSV announced separately on October 25 a new share buyback program of up to DKK 3 billion to be concluded no later than November 14, outside the scope of the Safe Harbour Regulation.
A second share buyback program of up to DKK 4 billion will be launched on November 15 in compliance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Safe Harbour Regulation. The safe harbour share buyback will close no later than February 1, 2023.
An extraordinary general meeting of DSV will be convened on November 22 to propose a share capital reduction (treasury shares) and a renewal of the authorization to acquire treasury shares.
