La Poste: Improved Profitability in Face of Macroeconomic Pressures
French state-controlled Le Groupe La Poste saw operating profit grow 19.0% y-o-y to €2,134m in the year ending 31 December 2023.
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French state-controlled Le Groupe La Poste saw operating profit grow 19.0% y-o-y to €2,134m in the year ending 31 December 2023.
Amidst year long plummeting sea and air freight volumes, global freight forwarder Expeditors reported operating income for the full year 2023 down 48% y-o-y to US $940m on revenues that fell by 46% to $9,300m. Announcing further job cuts, its CEO Jeffrey S Musser said, “If I had to use one word to describe the fourth quarter and all of 2023 it would be ‘uncertainty’.
The acquisition is part of Gebrüder Weiss’ objectives for continuing growth in North America, which include expanding its LCL services in the Air & Sea segment.
Alibaba Group’s Cainiao Smart Logistics Network has generated a profit in the three months to December 2023.
European and US trucking giant XPO has achieved creditable results despite the economic headwinds in North America and Europe.
The Danish government’s ending of the universal service obligation (USO) with PostNord and inflation hampered its profitability over 2023.
US trucking and intermodal giant Landstar Systems felt the headwinds of the US road freight recession in 2023 with a 39.7% y-o-y operating income fall to US $344.1m on a revenue drop of 28.7% to $5,303.3m.
Where the last year has shown a significant drop in revenues and profits for global container shipping line Hapag Lloyd, its short to medium term plans signal a strategic plan to avoid such dips in the future.
In the face of increasing supply chain complexities, Nippon Express pursues digital transformation in order to bolster its global freight forwarding business. The forwarder through its NX Global Innovation Fund, invested for a minority stake in Wiz Freight, a leading digital forwarding service provider in India, on January 12, 2024.
Despite the fact that the global freight forwarding market is volatile, Hellmann Worldwide Logistics has had a very positive third quarter of 2023.
Denmark based mid-sized forwarding and logistics company Scan Global has continued its multi-year inorganic growth plans, even as third financial quarter revenues almost halved y-o-y to €444m. Gross profit and EBITDA fell by just 7.9% and 12.3% respectively to €117m and €50m.
The US road freight industry is in recession thanks to overcapacity hitting contract and spot rates. There are some signs of recovery, but a potentially soft peak holiday shopping season could lead into what some economists suggest to be a coming recession.