Deutsche Post Backs 2023 Outlook After Falls in 1Q Earnings, Revenue

By Adria Calatayud

DHL owner Deutsche Post on Wednesday confirmed its 2023 outlook after it said a global economic slowdown weighed on its first-quarter performance, with earnings and revenue lower than in the year-earlier period but ahead of consensus views.

The German logistics group said it made a quarterly net profit of 911 million euros ($1 billion) compared with EUR1.35 billion in the year-earlier period, on revenue that declined 7.4% to EUR20.92 billion.

Earnings before interests and taxes fell to EUR1.64 billion from EUR2.16 billion.

Analysts had forecast Deutsche Post's net profit at EUR868 million, EBIT at EUR1.46 billion and revenue at EUR20.57 billion, according to consensus estimates provided by the company.

"We anticipated the slowdown in global growth momentum at an early stage and were able to respond efficiently," Deutsche Post DHL Group Chief Executive designate Tobias Meyer said.

The company reiterated its 2023 guidance, which calls for EBIT of between EUR6 billion and EUR7 billion, as well as its earnings-growth target for 2025.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

May 03, 2023 01:34 ET (05:34 GMT)

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