DHLGY Deutsche Post AG (PK)

By Adria Calatayud

DHL owner Deutsche Post on Tuesday raised its guidance for 2023 despite reporting lower ernings and revenue for the second quarter, hurt by a combination of weaker demand and comparisons with last year's record results.

The German logistics group--also known as DHL Group--said it now expects earnings before interest and taxes for the full year to be between 6.2 billion and 7.0 billion euros ($6.82 billion-$7.70 billion), in light of what it called a resilient performance in the first half. It had previously guided for EBIT to be in a range of EUR6.0 billion to EUR7.0 billion.

In its first set of results under Chief Executive Tobias Meyer, the company said quarterly net profit fell to EUR978 million from from EUR1.46 billion.

Revenue for the quarter was to EUR20.09 billion, down from EUR24.03 billion.

Deutsche Post's EBIT for the second quarter dropped 27% to EUR1.69 billion.

Analysts had forecast quarterly net profit at EUR1.01 billion, EBIT at EUR1.65 billion and revenue at EUR21.65 billion, according to consensus estimates provided by the company.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

August 01, 2023 01:27 ET (05:27 GMT)

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