DHL Owner Deutsche Post Sees Earnings at Lower End of Guidance
By Adria Calatayud
DHL owner Deutsche Post narrowed its 2023 guidance toward the lower end of its previous outlook, after its expectations of an economic recovery didn't materialize, and reported lower third-quarter revenue and earnings.
The German logistics group, also known as DHL Group, said it now expects earnings before interest and taxes to be between 6.2 billion euros and 6.6 billion euros ($6.63 billion-$7.06 billion), against its previous target of EUR6.2 billion to EUR7.0 billion.
The company also lowered its EBIT target for 2025 to be between EUR7.0 billion and EUR8.0 billion, down from more than EUR8 billion previously.
"The recovery of the global economy has failed to materialize so far," Chief Executive Tobias Meyer said.
For the third quarter, the company reported a net profit of EUR807 million, down 34% on year, on revenue that dropped 19% to EUR19.40 billion, dragged by sharp falls in its express and global forwarding segments.
EBIT for the quarter fell 32% to EUR1.37 billion, the company said.
Analysts had expected an EBIT of EUR1.375 billion on revenue of EUR20.845 billion, according to consensus estimates provided by the company.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
November 08, 2023 01:40 ET (06:40 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Top-Performing Dividend Stocks of Q3 2024
-
33 Undervalued Stocks
-
Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Best- and Worst-Performing Stocks of Q3 2024
-
Top Stocks to Own From the Best Fund Managers
-
2 Cheap Stocks Top Managers Have Been Buying
-
The 10 Best Companies to Invest in Now