earnings

US Postal Service to migrate air cargo to UPS during summer

The U.S. Postal Service plans to shift daily air cargo volumes to UPS before the contract with FedEx expires in September to ensure no service interruption for customers heading into the busy holiday shipping season, the agency and company officials said Tuesday. 

UPS’ (NYSE: UPS) ability to leverage its integrated air-and-ground network and bypass its main sort hub in Louisville, Kentucky, will enable the integrated express carrier to better profit from transporting domestic airmail for the...

https://www.freightwaves.com/news/us-postal-service-to-migrate-air-cargo-to-ups-during-summer

United Airlines sets bar for Q1 cargo performance

United Airlines, buoyed by a significant recovery in market conditions, delivered surprisingly strong cargo results in the first quarter that likely will be the benchmark for comparing the performance of other airlines.

United (NASDAQ: UAL) reported after Tuesday’s market close that sales for freight and mail were $391 million, a notably small dip of 1.8% from the same three-month period in 2020 considering the air logistics sector’s 16-month slump that lasted into the second half of 2023 and...

https://www.freightwaves.com/news/united-airlines-sets-bar-for-q1-cargo-performance

Decline in Delta Air Lines’ Q1 cargo revenue has silver lining

The rate of decline in cargo revenue at Delta Air Lines slowed further in the first quarter, reflecting an overall improvement in global market conditions for airfreight. 

Atlanta-based Delta (NYSE: DAL) on Wednesday reported record first-quarter adjusted revenue of $12.6 billion, but cargo revenue fell 15% year over year to $178 million. The world’s second-largest passenger airline by passengers carried almost never mentions cargo beyond a line on the income statement, but the earnings news...

https://www.freightwaves.com/news/decline-in-delta-air-lines-q1-cargo-revenue-has-silver-lining

Lufthansa Cargo profit tumbled 86% last year

Sharply lower yields due to excess capacity from passenger flights combined with higher costs led to an 86% plunge in Lufthansa Cargo’s operating profit in 2023, underscoring how challenging the year was for the entire air logistics industry.

Lufthansa Group (DXE: LHA) on Wednesday reported its third best financial results in history, but the cargo subsidiary was battered by lower demand and rates as the global economy returned to more normal patterns following the COVID crisis. With more...

https://www.freightwaves.com/news/lufthansa-cargo-profit-tumbled-86-last-year

Kuehne+Nagel operating profit cut 50% in 2023

Global logistics powerhouse Kuehne+Nagel suffered substantial revenue and profit erosion in 2023, including the final quarter, as excess air and ocean capacity combined with a post-COVID slow down in trade lowered rate levels, hurting bottom lines across the freight transportation sector.

Executives said they are seeing some stabilization in demand , but don’t expect a huge improvement this year. 

In conjunction with Friday’s quarterly results, Kuehne+Nagel announced an agreement to acquire City...

https://www.freightwaves.com/news/kuehnenagel-operating-profit-cut-50-in-2023

Freightos loses $19M, eyes profit breakthrough in late 2026

Freightos, a neutral sales platform for international air and ocean shipments, expects to make its first profit in the fourth quarter of 2026, company leadership said Monday after posting an adjusted loss of $19 million for 2023.

The results follow losses of $14.6 million and $12.4 million in 2022 and 2021, respectively. In July, Freightos laid off 13% of its staff, or about 50 people, and implemented other cost controls.

Jerusalem-based Freightos estimated it will narrow losses to about $14.5...

https://www.freightwaves.com/news/freightos-loses-19m-eyes-profit-breakthrough-in-late-2026

Cargojet sees strong volumes after 2023 fleet reversal

Cargojet on Monday reported a US$25.8 million loss in the fourth quarter mostly related to fuel and noncash charges, capping a rocky year marked by slashed plans for major fleet expansion and a renewed focus on cost management to boost free cash flow and investor returns.

Despite recent retrenchment, the company sounded an optimistic note for 2024 with guidance of mid-to-high-single-digit growth in domestic overnight revenue for the first quarter. Management said that January figures were well...

https://www.freightwaves.com/news/cargojet-sees-strong-volumes-after-2023-fleet-reversal

Air Canada says freight demand beginning to improve

Air Canada expects the slow recovery in cargo volume that began in the fourth quarter to quicken in 2024, aided by the addition of two more freighter aircraft, but doesn’t anticipate gains in pricing power, Mark Galardo, executive vice president for network planning and revenue management, said Friday.

The 2-year-old cargo airline within Air Canada (TSX: AC) currently operates five converted and two factory-built Boeing 767-300 freighters. It is scheduled this year to receive two cargo jets...

https://www.freightwaves.com/news/air-canada-says-freight-demand-beginning-to-improve

United Airlines’ cargo decline eased in fourth quarter

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A late-season updraft in market demand slowed the decline in cargo revenue last year at United...

https://www.freightwaves.com/news/united-airlines-cargo-decline-eased-in-fourth-quarter

Slide in Delta Air Lines’ cargo revenue decelerates in fourth quarter

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Delta Air Lines on Friday reported that cargo revenue during the fourth quarter fell 24% year over...

https://www.freightwaves.com/news/slide-in-delta-air-lines-cargo-revenue-decelerates-in-fourth-quarter

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