Adds Q3 details, quote
COPENHAGEN, Oct 11 (Reuters) – Freight forwarder DSV DSV.CO on Monday raised its earnings expectations for the year, citing brisk business activity in the third quarter and continued tight capacity in the market, it said in a statement.
“The strong results are driven by high activity levels and continued extraordinary market conditions with disruption and tight capacity in both air and sea freight markets,” DSV said.
The company now expects earnings before interest and tax (EBIT) before special items in the range of 15.25 billion to 16 billion Danish crowns ($2.49 billion), up from a previous range of 13.75 billion to 14.5 billion crowns.
The upgrade is the second this quarter. The firm also raised its outlook in August after completing a $4.8 billion acquisition of Kuwait’s Agility Public Warehousing Co and thus creating the world’s third-largest freight forwarding firm.
DSV, which will publish full third-quarter results on Oct. 26, also posted preliminary third-quarter results with EBIT before special items of 4.45 billion crowns.
($1 = 6.4287 Danish crowns)
(Reporting by Nikolaj Skydsgaard Editing by David Goodman and Bernadette Baum)
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