DSV Sees 25% Year-on-Year Drop in Earnings for Q1 2024

DSV had a strong start to 2024 with gains in market share across all divisions. Earnings however, compared to same period last year, saw a drop of over 25%. The Q1 results are however, 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 US$2.15 billion to US$2.5 billion for 2024.

Jens H. Lund, Group CEO said: "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.”

Read More: DSV Unveils Cutting-Edge Fleet of Green EV Trucks in UAE