NXHD Revises 2023 Outlook Amid Weaker Global Cargo Demand

NIPPON EXPRESS HOLDINGS has adjusted its fiscal year 2023 consolidated outlook, citing weaker global cargo demand. Sales forecast was revised down from 2,450 to 2,330 billion yen (-4.9% YoY), with operating profit down from 105 to 84 billion yen (-20%), and final profit down from 72 to 55 billion yen (-23.6%). Core logistics business sales fell 16.4% to 958.062 billion yen due to sluggish international cargo movement, notably in automobiles, semiconductors, and electronics. East Asia sales dropped 37.9%, and South Asia & Oceania sales declined 38.6%, partly attributed to easing supply-demand imbalance in air and ocean freight.