DSV continues to grow revenues, earnings following UTi integration

The Danish global transport and logistics provider reported 692 million Danish krone (U.S. $102.7 million) in adjusted earnings on DKK 17.2 billion in the third quarter of 2016, year-over-year increases of 14.8 percent and 37.3 percent, respectively.    Danish global transport and logistics provider DSV A/S posted adjusted earnings of 692 million Danish krone (U.S. $102.7 million) in the third quarter of 2016, a 14.8 percent increase from the corresponding period in 2015, according to the company’s interim financial report.
   Diluted adjusted earnings per share (EPS) stood at DKK 3.69 per share for the quarter compared with DKK 3.55 per share the previous year.
   Third quarter revenues shot up 37.3 percent year-over-year to DKK 17.2 billion as the company continued to integrate the network and assets of third-party logistics provider UTi Worldwide, which DSV acquired for $1.35 billion back in January.
   For the first nine months of 2016, DSV reported adjusted earnings of DKK 1.83 billion on revenues of DKK 50.13 billion, increases of 13.1 percent and 31 percent, respectively, compared with the same 2015 period.
   “We are keeping momentum in the UTi integration process, and all three Divisions have delivered solid growth,” DSV CEO Jens Bjørn Andersen said of the results. “The positive development in the third quarter is again proof that all employees across the Group are working hard to deliver good results. With aggregate earnings growth of 18 percent for the quarter, we are once again very pleased with DSV’s performance.”
   Looking ahead to the remainder of the year, the company narrowed its expectations for full year operating profits from between DKK 3.3 billion and DKK 3.5 billion to between DKK 3.4 billion and DKK 3.5 billion, and lowered projections for financial expenses from DKK 450 million to DKK 350 million.