ANALYSIS: Kuehne + Nagel – a solid performance, but still disappointing shareholders

Swiss 3PL Kuehne+Nagel (KN) sent a strong signal to the transport industry last week as it reported its unaudited financial results for the quarter ended 31 March.

On the one hand, it showed what kind of factors are behind a solid performance in a difficult market, and on the other I believe it continues to remain a rather disappointing story for stock investors and existing shareholders.

Market momentum

Air freight was more resilient than sea freight, although both suffered. Management shrugged off concerns related to fast-falling revenues in ...