Kuehne & Nagel, the global freight forwarder and contract logistics provider, reported 2009 earnings fell more than 20 percent from the previous year on lower world trade, a strong Swiss franc and a provision for a U.S. anti-trust probe.
But the Swiss company said it gained market share in all its business units and is well positioned to benefit from the expected global economic upswing in 2010.
Net profit shrunk 20.2 percent in 2009 to $434 million from $544 million in 2008 on revenue down 19.4 percent at $16.2 billion, compared with $20 billion in the previous year.
Operating profit fell to $823 million from $949 million.
Kuehne & Nagel said it has set aside $32.6 million to cover "all possible costs" of a U.S. Department of Justice investigation into alleged price fixing for ocean and air freight by international freight forwarders.
Based on negotiations with the DoJ, Kuehne & Nagel expects it will be possible to reach an agreement, said Karl Gernandt, Executive Vice President of the board of directors.
The company has also been charged, along with nearly 50 other freight forwarders, by European Union regulators with allegedly fixing air cargo surcharges.
Kuehne & Nagel said it boosted market share in ocean freight against the downward trend in many trade lanes and strengthened its position as global market leader.
A 4.6 percent decline in ocean container shipments contrasted with an overall market decline of around 12 percent.
The company responded to the 12 percent drop in global air cargo traffic in 2009 by increasing its sales activities and concentrating its marketing on its highly specialized services for niche markets.
Kuehne & Nagel's air freight volume declined by 9.2 percent in 2009, less than the average market decline, which allowed it to advance to third place in the global air freight forwarding ranks.
Declines in European trucking volumes were partially offset by gains in market shares in full truckload and less than full truck loads, along with "solid" performances in Germany and France.
"Our aim for 2010 is profitable growth above market average in all business units," said Chief Executive Officer Reinhard Lange.
But the Swiss company said it gained market share in all its business units and is well positioned to benefit from the expected global economic upswing in 2010.
Net profit shrunk 20.2 percent in 2009 to $434 million from $544 million in 2008 on revenue down 19.4 percent at $16.2 billion, compared with $20 billion in the previous year.
Operating profit fell to $823 million from $949 million.
Kuehne & Nagel said it has set aside $32.6 million to cover "all possible costs" of a U.S. Department of Justice investigation into alleged price fixing for ocean and air freight by international freight forwarders.
Based on negotiations with the DoJ, Kuehne & Nagel expects it will be possible to reach an agreement, said Karl Gernandt, Executive Vice President of the board of directors.
The company has also been charged, along with nearly 50 other freight forwarders, by European Union regulators with allegedly fixing air cargo surcharges.
Kuehne & Nagel said it boosted market share in ocean freight against the downward trend in many trade lanes and strengthened its position as global market leader.
A 4.6 percent decline in ocean container shipments contrasted with an overall market decline of around 12 percent.
The company responded to the 12 percent drop in global air cargo traffic in 2009 by increasing its sales activities and concentrating its marketing on its highly specialized services for niche markets.
Kuehne & Nagel's air freight volume declined by 9.2 percent in 2009, less than the average market decline, which allowed it to advance to third place in the global air freight forwarding ranks.
Declines in European trucking volumes were partially offset by gains in market shares in full truckload and less than full truck loads, along with "solid" performances in Germany and France.
"Our aim for 2010 is profitable growth above market average in all business units," said Chief Executive Officer Reinhard Lange.