Similar to the previous two quarters, K+N results beat the consensus on EBIT even though sales and gross profit missed their mark. Revenues normalised yoy and yields came under pressure qoq. The volumes in Sea grew slightly and those in Air Logistics stabilised. The group cut costs qoq and yoy to protect profitability. Road Logistics faced some headwinds, whereas Contract Logistics delivered another decent result. For the Q4, the volume and yield trends are expected to be similar to the Q3.
