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