PostNL falls after Q1 miss as labour costs rise, Mail volumes drop

PostNL

06/05/2024 08:29

** Shares in PostNL  PTNL.AS  fall 3.9% after the Dutch
postal operator published a worse-than-expected normalised
operating loss before interest and taxes in Q1
    ** The group's EBIT swang to a loss of -9 million euros 
($9.69 million) from a profit of 7 million euros last year,
below analyst consensus of -2 million euros
    ** Jefferies ("hold") says the results were impacted by weak
volumes - down 12.5% yoy in the Mail in the Netherlands unit,
adverse mix effects, and wage increases
    ** KBC ("hold") deems results "soft" and volumes
"disappointing" 
    ** However, PostNL confirmed its 2024 guidance, which
Jefferies says the stamp price increase announced on Monday and
the accelerating parcel volume growth could contribute to
    ** Shares are on track for their worst day in nearly three
weeks


($1 = 0.9289 euros)

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