Deutsche Post 3Q Earnings Dropped on Restructuring Charges
November 06 2018 - 1:34AM
Dow Jones News
By Nathan Allen
Deutsche Post AG (DPW.XE) said Tuesday that its third-quarter
earnings fell more than 75% due largely to one-off restructuring
measures at its post, eCommerce and parcel division.
Net profit at the freight-and-logistics group was 146 million
euros ($166.3 million) compared with EUR641 million a year
earlier
Deutsche Post attributed the lower earnings to a EUR392 million
charge booked as part of the previously announced restructuring at
the division. Total restructuring costs should be around EUR500
million, the company said.
Revenue increased to EUR14.85 billion from EUR14.64 billion a
year earlier, the company said.
Analysts expected net profit of EUR143 million on revenue of
EUR14.89 billion, according to a FactSet-compiled consensus.
In June, Deutsche Post cut its 2018 guidance for earnings before
interest and taxes by nearly 25%, citing rapid growth in demand for
parcel delivery, which has higher associated costs and requires
greater transport capacity than delivering mail.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
November 06, 2018 01:19 ET (06:19 GMT)
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