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April 26 (Reuters) - Swiss logistics group Kuehne & Nagel International said on Monday it remains cautious about this year even though its core earnings more than doubled in the first quarter due to strong demand in pharma and e-commerce.
“The shift from retail to e-commerce will definitely continue,” Chief Executive Officer Detlef Trefzger said in a call with analysts.
The group, rivals of which include Denmark’s Maersk and DSV Panalpina, reported first-quarter earnings before interest and tax (EBIT) of 431 million Swiss francs ($472.48 million), above a company-compiled consensus of 304 million Swiss francs.
“We have a good feeling about the second quarter, but the uncertainty remains,” Chief Financial Officer Markus Blanka-Graff said in the call.
The group also said the strong first quarter results may not lead to an update of their dividend policy.
Kuehne & Nagel’s shares were down 3.4% at 1413 GMT.
$1 = 0.9122 Swiss francs Reporting by Veronica Snoj and Aida Pelaez-Fernandez in Gdansk; Editing by Kirsten Donovan