DHL Group

DHL: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€83.00	Wjkptc	Vvvdkmbvy

DHL Group Earnings: Express' Package Volumes Still Under Pressure, but 2024 Outlook Maintained

Matthew Young

May 7, 2024

Narrow-moat DHL Group’s first-quarter organic top line fell 3% (excluding foreign exchange) year over year. Express and global forwarding revenue came in below our expected run rate, though we continue to expect improvement in the second half, driven by modest recovery in underlying macroeconomic trends.

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