DHL Group Earnings: Express' Business-to-Business Package Volumes Remain Subdued

Narrow-moat DHL Group’s third-quarter organic top line increased 6.5% (excluding foreign exchange) year over year. Revenue was mostly in line with our forecast as global air and ocean forwarding gross revenue surged, but express segment TDI volumes came in weaker than we expected—we were anticipating more of a ramp up in business-to-business shipment activity during the quarter. On the positive side, management noted that the "seasonal business-to-consumer ramp-up is developing as expected."