Panalpina Jumps on Air Freight Volumes Forecast: Zurich Mover
Panalpina Welttransport Holding AG (PWTN) jumped the most in three months after the company said it may gain market share in air freight after volume in that business rose in the second quarter for the first time in two years.
Shares of the Basel, Switzerland-based company rose as much as 9.7 percent to 130 Swiss francs, the highest price since January 2011.
“Air freight was the big surprise to us,” William Foggon, an analyst at Berenberg Bank in London wrote in a note to clients today. “Panalpina delivered a huge outperformance of expectations.”
Shipping companies are struggling as the countries sharing the euro endure the longest recession since the currency was introduced. Panalpina today forecast it may be able to outperform the air freight industry, compared with an earlier expectation of maintaining market share at best.
The shares traded 8.7 percent higher at 128.80 francs at 10:24 a.m. in Zurich, valuing the company at 3.1 billion francs ($3.3 billion). That brings the gain this year to 39 percent, making the company the best performer on the 22-member Bloomberg Europe Transportation Index.
Second-quarter net income jumped 43 percent to 24.1 million francs, as sales advanced 3.5 percent, Panalpina said today.
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