DHL Group

DHL: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€19.00	Mttdrq	Hxhdxlbxk

DHL Group Earnings: B2B Package Volumes Remain Sluggish; 2024 Guidance Muted

Matthew Young

Mar 6, 2024

Narrow-moat DHL Group’s fourth-quarter organic top line fell 7% (excluding foreign exchange) year over year but was mostly in line with our forecast. Lower revenue stems from muted retail-sector restocking and sluggish industrial end markets for DHL Express (Express' time-definite B2B package volumes are still declining), and from global air and ocean forwarding demand and pricing conditions retrenching off historic pandemic-driven highs.

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