DHL Global Forwarding Airfreight Revenue Rises 30.4% in Q3

DHL Global Forwarding’s third-quarter airfreight revenue rose 30.4% year over year to €1.5 billion. The company also recorded growth in airfreight gross profit and volume.

Key details

• Airfreight gross profit increased 28.4% to €321 million.
• Airfreight volume grew 12% to 497,000 tonnes.
• DHL attributed volume growth to demand from Asia and said higher rates contributed to the quarter’s performance.
• Overall revenue for DHL Global Forwarding rose 23.4% to €5.6 billion, while operating profit increased 32.7% to €259 million.
• DHL Express revenue grew 19.2% to €7 billion, and EBIT rose 50% to €1 billion.
• DHL estimated that airfreight capacity constraints added around €100 million to DHL Express earnings.
• DHL Express’s Time Definite International daily shipment weight increased 9.7% year over year.
• DHL introduced Heavy Weight Express earlier in the year, offering service for individual pieces up to 1,000 kg and shipments up to 3,000 kg.
• DHL Group raised its full-year operating profit outlook from €6.5 billion to €7 billion.

DHL Global Forwarding moved 497,000 tonnes of airfreight in the third quarter, a 12% year-over-year increase.

Why it matters

DHL’s reported results show growth across its forwarding and express divisions, with airfreight volume and revenue both higher at Global Forwarding. The company linked volume growth to Asia demand and identified higher rates as another contributor to its airfreight performance.