Deutsche Post Shares Climb as It Signals Full-Year Upgrade

   By Ed Frankl 
 

Shares in DHL owner Deutsche Post AG jumped in afternoon trading, after the company said it expects to raise its full-year profit forecast when it releases its full third-quarter figures in November on the back of higher earnings.

At 1420 GMT, shares were up 5.6% to EUR32.58.

The German postal operator and logistics company said it benefited from a recovery in e-commerce volumes in its business-to-consumer business, after a decline in the first half of the year, and that capacity issues in ocean and air freight markets has eased.

In preliminary earnings, third-quarter operating profit rose by 15% to around 2.04 billion euros ($1.99 billion), Deutsche Post said.

For the year to date, operating profit was around EUR6.5 billion, with Deutsche Post currently targeting EUR8 billion for the full year, plus or minus 5%.

The third-quarter result beat consensus of EUR1.93 billion, mainly due higher-than-expected earnings at its express division, Citi analysts said in a research note.

Write to Ed Frankl at [e-mail]

(END) Dow Jones Newswires

October 10, 2022 10:45 ET (14:45 GMT)

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