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Kuehne + Nagel International reports higher earnings, turnover

Switzerland-based integrated logistics services provider Kuehne + Nagel International AG's earnings increased 3.3% year over year in the third quarter of 2018.

The company reported earnings attributable to equity holders of CHF189 million, or CHF1.58 per share, for the quarter that ended in September, up from CHF183 million, or CHF1.53 per share, in the same period last year.

Net turnover increased 12.4% year over year to CHF5.30 billion from CHF4.71 billion in the year-ago quarter.

EBIT totaled CHF244 million for the quarter, up 4.7% from CHF233 million.

The company said it agreed to acquire 51% of Shanghai Ruichun Logistics Co. Ltd. China, a newly formed company to conduct the business of the partnership with Chinese automotive logistics group Sincero. It also agreed to acquire the logistics operations of Indonesia-based PT Wira Logitama Saksama. Both acquisitions are expected to close in the fourth quarter.