DHL Group Reports Solid First Quarter Results for 2024

DHL Group got off to a solid start to the new fiscal year in 2024. As expected, there was no significant upturn in the global economy in the first quarter of 2024. Despite these conditions, the Group generated revenue of US$ 21.9 billion (Q1 2023: US$ 21.5 billion).

As anticipated, the operating profit (EBIT) of US$1.3 billion was below the previous year’s level (Q1 2023: US$ 1.72 billion) but exceeded the same period of the pre-pandemic year 2019 (Q1 2019: US$ 1.2 billion).

The Supply Chain division recorded revenue growth in all regions and across various sectors, supported by new business wins, contract renewals and growing e-commerce business.

Meanwhile, Global Forwarding, Freight saw lower freight rates. The division once again recorded volume growth in air and ocean freight compared to the weak prior-year period.

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Tobias Meyer, CEO DHL Group said: “We are in an unusually long phase of low momentum in global trade. In this environment, we continue to focus on consistent capacity and cost management. However, we also see further growth potential.

"The demand for omnishoring and e-commerce solutions remains high and our customers are becoming increasingly aware of sustainable logistics – we can clearly see this in the demand for GoGreen Plus.

"With our portfolio, we are ideally positioned to benefit from an upturn in global trade. Despite all the challenges, 2024 is a year of opportunities.”

Measures to safeguard earnings and cash flow show an impact DHL Group had already anticipated the slowdown in global economic momentum in 2022 and successfully introduced appropriate measures to safeguard earnings and cash flow.

These measures include consistent capacity and cost management as well as price adjustments. In the first quarter of 2024, gross investments (capex) amounted to US$520 million (Q1 2023: US$613 million).

The Group continued to make targeted investments in the quality of its services and in structural growth trends such as omnishoring, e-commerce, sustainability and digitalization.

Group confirms forecast for 2024

As expected, a broad and dynamic economic upturn failed to materialize in the first three months of the year. DHL Group continues to expect more positive global economic momentum in the second half of 2024.

In its medium-term forecast for 2026, DHL Group continues to expect operating profit of between US$ 8 billion and US$9.15 billion.

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