COPENHAGEN - Danish freight forwarder DSV posted a bigger-than-expected rise in second quarter operating profit before special items on Tuesday, helped by strong growth in its Air & Sea division, and lifted its full-year outlook.

The world’s fifth largest freight forwarder said operating profit before special items rose to 809 million Danish crowns ($118.7 million) in April-June, beating a mean forecast of 769 million crowns in a Reuters poll of analysts.

“We maintained the positive growth trend in both number of shipments and earnings in all our business areas,” Chief Executive Jens Bjorn Andersen said in a statement, adding that the unit handling transportation of cargo by air and sea had performed remarkably well.

According to DSV the overall air freight market grew by 2-3 percent in the second quarter while the company gained market share with growth of 10 percent.

In a fragmented freight forwarder market, DSV’s overall share is estimated to around 2 percent while the top 20 companies combined control 40-50 percent of the total.

“I definitely see the share price going up today. DSV delivers despite lack of economic growth in Europe,” analyst Michael Friis Jorgensen at brokers Alm. Brand Markets said.

Swiss-based Kuehne und Nagel International AG, the second largest global freight forwarder, said on July 14 its revenue in the second quarter fell by 5.6 percent from a year earlier.

DSV raised its full-year outlook for operating profit before special items to between 2.85 billion and 3.0 billion crowns from a previous guidance of between 2.7 billion and 2.9 billion crowns.

DSV, founded by 10 truckers in 1976 also proposed a 600 million crown share buyback programme.