PostNL slumps after Q3 miss, EBIT guidance cut

Bpost SA

06/11/2023 09:05

** Shares in PostNL  PTNL.AS  fall around 12% after the
Dutch postal company posted third-quarter results below
expectations due to slower parcel volume growth and trimmed its
outlook
    ** The company reported a normalised EBIT loss of 11 million
euros while analysts in a company-compiled consensus had
expected a profit 3 million euros
    ** ING says the miss is due to "weak" parcel volume growth,
at 1.6% when consensus expected 7.0%
    ** Jefferies echoes comments on slow volume recovery and
points also to a larger operating loss in mail segment that
widened to 14 million euros
    ** PostNL now sees FY normalised EBIT at the lower end of
its 100-130 million euros guidance hiked in August
    ** "All in all we do not believe the FY23 outlook at the
low-end is safe since it will depend on parcel volume remaining
rather benign in 4Q23 which might be too optimistic," ING adds
    ** PostNL's shares are on track for their worst day since
May 2022
    ** Its peer Bpost  BPOST.BR  is down 2%

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