DSDVF - DSV A/S (DSDVF) Q1 2024 Earnings Call Transcript
2024-04-24 19:06:02 ET
DSV A/S (DSDVF)
Q1 2024 Results Conference Call
April 24, 2024 05:00 AM ET
Company Participants
Jens Lund - Group Chief Executive Officer
Michael Ebbe - Chief Financial Officer
Conference Call Participants
Cristian Nedelcu - UBS
Lars Heindorff - Nordea
Michael Rasmussen - Danske Bank
Patrick Creuset - Goldman Sachs
Ulrik Bak - SEB
Muneeba Kayani - Bank of America
Alex Irving - Bernstein
Andy Chu - Deutsche Bank
Dan Togo - Carnegie
Marc Zeck - Stifel
Sathish Sivakumar - Citigroup
Presentation
Operator
Hi, everyone, and welcome to the DSV Trading Update for Q1 2024. Today's call is being recorded. For the first part of the call, all participants will be in a listen-only mode. Afterwards, there will be a question-and-answer session. [Operator Instructions]
I would like to introduce Group CEO, Jens Lund; and Group CFO, Michael Ebbe. Speakers, please begin.
Jens Lund
Thank you very much, and welcome to our investor call for Q1. We would like to welcome all our investors, analysts and DSV employees that are probably also listening into the call. The call will be an hour, and I would also like to ask the analysts who have two questions per person. If we move to Slide number 2, we can see the agenda. And to the right, you can also see the statement on forward-looking statements.
Please have a look at that, taking care that you have taken this message on board. If we move to Slide number 3, we will now go through some of the highlights for Q1. And I think it's very important for us to state that in a normalizing market, we have actually delivered very solid results, and we have delivered progress in all the business areas that we operate in, and we are following our internal budgets. Of course, we have grown now in Q1, and this has consumed some cash flow, which is also visible in the numbers. But we see this as a positive sign, of course, driving the business forward.
This has an impact on our share buyback, which is DKK1 billion for the next quarter. It's important for us to state that we reiterate our EBIT guidance between DKK15 billion and DKK17 billion. In the quarter, we have also completed the leadership transition. We have an experienced DSV team in place. It's basically internal succession.
So it's a solid foundation, and it's basically still the good old DSV DNA that you know that run in the company taking care that we deliver on our operational and commercial strategy. On the next slide, we have the overview of the Air & Sea division. I think it's a very strong result also comparing to our peers. Actually, we delivered very solid GP progression in '23, and we've continued that journey into '24 as well, taking care of course, that the market is normalizing now. The Red Sea has had limited impact on our results, and we don't expect any significant impacts going forward as well....
DSV A/S (DSDVF) Q1 2024 Earnings Call Transcript