Deutsche Post 1Q Net Profit Soared as E-Commerce Momentum Continues
May 05 2021 - 1:57AM
Dow Jones News
By Mauro Orru
Deutsche Post AG said Wednesday that net profit and revenue for
the first quarter jumped amid strong momentum in global e-commerce
and a recovery in world trade, making this the company's "best
opening quarter ever."
The German freight-and-logistics group said quarterly net profit
climbed to 1.19 billion euros ($1.43 billion) from EUR301 million
in the first quarter of 2020.
Quarterly revenue increased to EUR18.86 billion from EUR15.46
billion, while earnings before interest and taxes rose to EUR1.91
billion from EUR592 million, slightly above a preliminary figure of
around EUR1.9 billion from early April.
"We had the best opening quarter ever and were able to unleash
our full strength as a group. All five of our divisions are on
track for growth and are ideally positioned to benefit from the
continuing boom in e-commerce and the resurgence in global trade,"
Chief Executive Frank Appel said.
Deutsche Post is raising its earnings guidance for 2021 as well
as its mid-term targets.
For 2021, it now expects EBIT of more than EUR6.7 billion,
instead of significantly above EUR5.6 billion. Free cash flow
should rise to more than EUR3 billion instead of significantly
above EUR2.3 billion. Gross capex should be around EUR3.8 billion
rather than around EUR3.4 billion.
The company also expects EBIT of more than EUR7 billion for 2023
instead of more than EUR6 billion as previously expected.
Cumulative free cash flow should be around EUR9 billion from 2021
to 2023 rather than between EUR7.5 billion and EUR8.5 billion.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
May 05, 2021 01:42 ET (05:42 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Deutsche Post (PK) (USOTC:DPSGY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Deutsche Post (PK) (USOTC:DPSGY)
Historical Stock Chart
From Jul 2023 to Jul 2024