Bruce Barnard | May 02, 2011 10:15AM EDT
DSV reported higher first quarter revenue and earnings driven by increased volume at its air, sea and trucking units.
Scandinavia's biggest trucking and logistics company increased operating profit to $104.7 million in the three months to March 31 from $88.43 million in the year earlier period as revenue grew 8.9 percent to $2.1billion.
The Danish group said ocean container traffic increased 7 percent in the quarter in line with market growth while air freight volume rose 13 percent, outpacing market growth of 5 to 7 percent.
Sea and air freight revenue increased 10.4 percent to $915 million, and operating profit jumped to $63.4 million from $52.5 million.
Trucking revenue was 10.5 percent higher at $1.1 billion, and operating profit grew to $43.1 million from $37.8 million in the first quarter of 2009.
Trucking volume rose 10 percent year-on-year driven mainly by gains in Germany as well as France and Spain. The division continued to face "fierce" price competition, clipping the operating margin to 18.7 percent from 20.1 percent a year ago.
DSV maintained its outlook for 2011, projecting revenue of $8.6 billion to $9.2 billion and operating profit of $470 million to $500 million.
-- Contact Bruce Barnard at brucebarnard47@hotmail.com.