Logwin AG Reports First Quarter 2024 Earnings Amid Increased Market Competition

Logwin AG, a Luxembourg-based logistics and transport solutions provider, announced its financial results for the first quarter of 2024 on April 30. The company reported that despite experiencing a modest expansion in global trade, earnings were impacted by intensified price competition and changing market conditions.

The company’s revenue decreased to EUR 311.0 million from EUR 362.4 million in the same period last year. The Air + Ocean business segment’s sales were EUR 245.2 million, aligning closely with the previous year's EUR 252.0 million. This was partly due to increased volumes in air and ocean freight, offsetting the decline in freight rates. Conversely, the Solutions business segment saw a significant drop in sales to EUR 66.2 million from EUR 110.8 million, largely due to decreased volumes in international transport and the closure of specific operations.

Operating result (EBITA) for the quarter was EUR 19.0 million, down from EUR 24.9 million in 2023, reflecting the increased competitive pressure across the industry. The net result also fell to EUR 15.8 million from EUR 19.5 million the previous year. Free cash flow for the quarter was EUR 13.1 million, slightly lower than EUR 17.7 million in 2023.

Despite these challenges, Logwin AG continues to pursue growth through strategic acquisitions and expansion in key markets, including Eastern Europe and Southern Europe. The company maintains a cautious outlook for 2024, expecting revenues to stabilize at the previous year’s level and a likely decrease in EBITA and net results.