Danish transport and logistics firm DSV has raised its full-year profit forecast after a third quarter that beat market expectations, thanks to growth in air and sea freight that offset price pressure on its road division. DSV, which provides road, air, sea and logistical transport services, also announced a share buyback programme, helping to send its shares up over 3 percent. Operating profit before special items for the quarter came in at 728 million Danish crowns ($125 million), up more than five percent from a year ago and above a market forecast of 709 million crowns according to a Reuters analyst poll. As a result, the world’s sixth-largest freight forwarder lifted its 2014 guidance to a forecast operating profit before special items in the range of 2.6 to 2.7 billion crowns, up from a previous target of 2.55 to 2.70 billion crowns. “We have managed to deliver extraordinarily good development in our air & sea division, where we have gained a large market share,” Chief Executive Jens Bjorn Andersen told Reuters. Air freight volume rose 14 percent in the third quarter, against a 2 to 4 percent lift in the market, Andersen said. The sea & air division makes up 40 percent to DSV revenues. “At first glance, this is a very strong result, with solid volume development in all four divisions,” Alm. Brand Markets analyst Jesper Christensen said. But he cautioned there were signs of pressure on road division margins. “Despite more units being transported, the operating profit and revenue in this division is still disappointing.” Volumes in the road division grew 5 percent in the quarter but DSV said earnings per consignment had fallen due to a competitive market which pushed down rates. That meant a 10 percent drop in operating profit for the division. DSV announced a share buy-back programme to the tune of 300 million crowns. It has completed two previous buybacks this year including for 400 million crowns in August. The company, characterised by its small asset base and low spending, said in July that the buyback programmes were a logical outcome in the absence of acquisitions. On Wednesday, though, Andersen said deals were still an option. “Although it is six years since we did the last major acquisition, it is still on the agenda. It’s a part of our strategy but acquisitions need to fit into our business,” he said. DSV bought ABX Logistics for 750 million euros in 2008.