No Lift-Off for Kuehne + Nagel in 3Q
Narrow moat Kuehne + Nagel’s third-quarter results, although robust, were slightly behind our and Wall Street estimates. Net revenue climbed quarter on quarter as the company continued to grow ahead of the market, but competitive pressure in key divisions caused operating margins to pull back from the second quarter, when the market had been expecting a straight-line increase through to year-end. We expect to make only modest changes to our forecasts and do not expect a material change in our CH...
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