Freight forwarder Panalpina reported 1Q 2017 revenues that fell 4% on a year earlier and were 5% below analysts’ forecasts. That was a marked underperformance vs. K+N, but may be the result of slower ocean-going volumes (7.5% higher vs. K+N’s 9.0%) and falling gross profits (17% lower vs. K+N’s 11% drop). Yet, the stock price rose due to low earnings expectations and the company’s “cautiously optimistic” outlook. The mixed results of Panalpina and K+N cast some doubt on the growth to be reported for 1Q from DSV and Expeditors. Panjiva analysis suggests the forwarders’ revenues may have g...