Deutsche Post Expects Lower 2023 Earnings Amid Economic Uncertainty

By Adria Calatayud

DHL owner Deutsche Post AG said Thursday that it expects lower earnings for 2023, citing an uncertain economic outlook, but increased its share-buyback program by 1 billion euros ($1.05 billion).

The German logistics giant said it expects earnings before interest and taxes for 2023 to be between EUR6 billion and EUR7 billion, and that it targets EBIT of more than EUR8 billion in 2025. Deutsche Post's EBIT for 2022 as a whole was EUR8.44 billion, up 5.7% on year.

For the fourth quarter of 2022, Deutsche Post said net profit fell to EUR1.34 billion from EUR1.48 billion a year before on revenue that rose to EUR23.78 billion from EUR23.38 billion.

Quarterly EBIT dropped 13% to EUR1.92 billion.

Analysts expected Deutsche Post to report a fourth-quarter net profit of EUR1.17 billion, EBIT of EUR1.95 billion and revenue of EUR23.25 billion, according to consensus estimates provided by the company.

The company proposed a dividend of EUR1.85 a share, up from EUR1.80 a year before. Deutsche Post said its existing buyback for the 2022-24 period will be increased by EUR1 billion to EUR3.0 billion.

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

(END) Dow Jones Newswires

March 09, 2023 01:26 ET (06:26 GMT)

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