By Kim Richters

Deutsche Post AG said earnings increased in the second quarter, beating expectations, and confirmed its earnings target for the year.

The German freight-and-logistics group said Friday that quarterly net profit rose to 1.46 billion euros ($1.50 billion) from EUR1.29 billion a year earlier. Analysts had expected EUR1.23 billion, according to consensus estimates provided by the company.

Quarterly revenue increased 23% to EUR24.03 billion, while earnings before interest and taxes rose 12% to EUR2.34 billion. Analysts had expected EUR21.79 billion in revenue and EBIT of EUR2.01 billion. The increases were driven by the business-to-business operations of its DHL divisions Global Forwarding, Freight, Supply Chain and Express, it said.

For 2022, Deutsche Post confirmed EBIT guidance of EUR8 billion, plus or minus 5%. It said in the event of a sharp global economy slowdown in the second half, EBIT would be in the lower half of the target range.

"With unchanged business momentum, the group even considers an EBIT of more than EUR8.4 billion being achievable," it said.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

August 05, 2022 01:42 ET (05:42 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.