Bpost falls on Q1 core profit miss, pending FY guidance

Bpost SA

03/05/2024 09:34

** Shares in bpost  BPOST.BR  fall about 3% after the
Belgian postal operator reported Q1 adjusted EBIT miss, impacted
by challenging North American market and costs related to Staci
acquisition proposition
    ** The group's adjusted EBIT comes in at 62.1 million euros,
down 20% y/y and 11% below analyst consensus of 69.7 million
euros
    ** The group does not update on their 2024 guidance due to
ongoing discussions with union and French speaking editors
    ** Barclays says the pending outlook aims "to preserve
upcoming negotiations which could still be key for the overall
financial impact", notes that at least four weeks will be
necessary to reach a final agreement
    ** The broker adds that parcel volume growth were slightly
below expectations on delayed volumes from customers
    ** Bpost expected previously stable group operating income
y/y with EBIT margins of 6%-8% in Belgium, excl. any impact from
the changes to the press concession, 5%-7% in E-logistics
EurAsia, and 4%-6% in E-logistics North America
    ** Including Friday's fall, the stock has dropped by about
24.2% YTD​

 (Reporting by Olivier Cherfan)
 ((olivier.cherfan@thomsonreuters.com))