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Deutsche Post to hike FY guidance after Q3 profit rise

Reuters
·1 min read
Illustration shows Deutsche Post logo and stock graph

BERLIN (Reuters) - German logistics company Deutsche Post will hike its full-year guidance when it reports third-quarter financial results on Nov. 8, it said on Monday, citing a rise in quarterly profits.

Earnings before interest and tax (EBIT) rose to 2.04 billion euros ($1.98 billion) in the three months through September from 1.77 billion in the year-earlier period, Deutsche Post said in an unscheduled statement.

That beat analysts' expectations for 1.93 billion euros, according to a consensus published on Deutsche Post's website.

The volume of e-commerce shipments to consumers improved in the quarter after pandemic-related base effects had caused declines in the first half of the year, it said, and capacity bottlenecks in ocean and air freight have eased.

The group previously said it aimed for full-year EBIT of 8.0 billion euros, plus or minus 5%.

($1 = 1.0304 euros)

(Reporting by Maria Sheahan, Editing by Miranda Murray)