DSV releases Q1 financial results

DSV had a strong start to 2024 with gains in market share across all divisions. The Q1 results are in line with expectations and reflect the normalisation of freight markets.

During Q1 DSV has completed a smooth transition of the executive, divisional, and commercial leadership and has a highly experienced team in place to deliver its strategy.

While M&A continues to be at the core of DSV’s strategy, the company reinforces its ambitions of sustainable growth. While preserving DSV’s DNA of accountability and ownership, the new leadership team is enhancing the customer focus across industry segments, with a greater emphasis on developing its global network.

Based on its strong Q1 results, DSV stands by its full-year EBIT guidance to remain in the range of DKK 15,000 – 17,000m ($ 2,150 – 2,467m) for 2024.

Selected key figures and ratios for the period 1 January – 31 March 2024

  Q1 2024 Q1 2023
Key figures (DKKm)    
Revenue 38,340 40,954
Gross profit 10,265 11,391
Operating profit (EBIT) before special items 3,641 4,672
Profit for the period 2,393 3,287
Adjusted earnings for the period 2,463 3,340
Conversion ratio 35.5% 41.0%
Diluted adjusted earnings per share of DKK 1 for the last 12 months 55.3 76.9

1 DKK = 0.14 USD

Jens H. Lund, Group CEO:

“We are off to a good start delivering strong financial results in the first quarter of 2024, and I’m particularly satisfied that we are gaining market shares in all three divisions. We do this in a market that is normalising after a few very volatile years following the COVID pandemic.

We have also completed the leadership changes, the organisation has settled, and together with the new but highly DSV-experienced leadership team we are fully focused on executing on our strategy supporting organic growth as well as M&A. Doing this, we ensure a clear continuation and maintaining the DNA that has always been a driving force in DSV.”

Outlook for 2024

We maintain our outlook for 2024 as announced in the 2023 Annual Report:

  • Operating profit (EBIT) before special items is expected to be in the range of DKK 15,000-17,000m ($ 2,150 – 2,467m).
  • The effective tax rate is expected to be approximately 24%.

Source: DSV