Kuehne + Nagel booked a record $282 million third quarter operating profit, an 18.9 percent increase on last year's $237 million profit driven by sharply higher ocean container and air freight volumes.
The Swiss global forwarder and logistics group's net profit rose to $166.4 million in the three months to the end of September from $135.2 million a year ago as revenue jumped 24 percent to $5.54 billion.
Operating profit in the first nine months rose 7.5 percent to $775.8 million from $721.8 million on an 18.6 percent rise in revenue to $15.78 billion. Net earnings grew 16 percent to $467 million.
"Due to the very good results of the past nine months -- and particularly in the third quarter of 2010 -- we are confident we will achieve a strongly improved result for the full year," said Chief Executive Officer Reinhard Lange.
The company said it managed to continuously expand its business volumes "taking advantage of the favorable economic environment for the logistics industry."
Ocean container volume grew 17 percent year-on-year in the first nine months but softened in the third quarter.
Kuehne + Nagel said it boosted its sea freight market share through increased sales and marketing activities.
Air freight tonnage climbed 29 percent from a year ago, but growth in international shipments slowed in the middle of the year.
Kuehne + Nagel said it considerably increased air freight volume and market share, particularly in trade lanes to and from Asia, as it benefited from offering services tailored to specific sectors such as pharmaceuticals, high-tech and perishables.
The European road and rail logistics unit boosted sales by 9.5 percent from the same period in 2009 but earnings and margins were flat due to high investments to expand the network and add new locations.
Contract logistics revenue was stable but operating profit declined by 13.2 percent partly due to currency adjustments, start up costs for new businesses and restructuring in the U.S. and Canada.
Contract logistics improved in the emerging markets of Eastern Europe and in Asia, which was in profit for the first time.
The Swiss global forwarder and logistics group's net profit rose to $166.4 million in the three months to the end of September from $135.2 million a year ago as revenue jumped 24 percent to $5.54 billion.
Operating profit in the first nine months rose 7.5 percent to $775.8 million from $721.8 million on an 18.6 percent rise in revenue to $15.78 billion. Net earnings grew 16 percent to $467 million.
"Due to the very good results of the past nine months -- and particularly in the third quarter of 2010 -- we are confident we will achieve a strongly improved result for the full year," said Chief Executive Officer Reinhard Lange.
The company said it managed to continuously expand its business volumes "taking advantage of the favorable economic environment for the logistics industry."
Ocean container volume grew 17 percent year-on-year in the first nine months but softened in the third quarter.
Kuehne + Nagel said it boosted its sea freight market share through increased sales and marketing activities.
Air freight tonnage climbed 29 percent from a year ago, but growth in international shipments slowed in the middle of the year.
Kuehne + Nagel said it considerably increased air freight volume and market share, particularly in trade lanes to and from Asia, as it benefited from offering services tailored to specific sectors such as pharmaceuticals, high-tech and perishables.
The European road and rail logistics unit boosted sales by 9.5 percent from the same period in 2009 but earnings and margins were flat due to high investments to expand the network and add new locations.
Contract logistics revenue was stable but operating profit declined by 13.2 percent partly due to currency adjustments, start up costs for new businesses and restructuring in the U.S. and Canada.
Contract logistics improved in the emerging markets of Eastern Europe and in Asia, which was in profit for the first time.