PostNL rises as Q2 EBIT beat outshines parcel volume miss

PostNL

05/08/2024 08:49

** Shares in PostNL  PTNL.AS  rise 3.2%, reversing course
after dropping around 4.4% at market open, after the Dutch
postal operator beat Q2 EBIT expectations
    ** "The solid performance was driven by a continuation of
existing trends, including strong international parcel volume
growth, while mail volumes were positively impacted by the
elections," KBC Securities writes
    ** PostNL missed Q2 parcel volume expectations due to
unfavourable mix effects, but said it sees further volume
increases in H2
    ** KBC notes domestic volumes were roughly flat and impacted
by negative weather effects on e-commerce, mainly fashion, while
strong international volumes drove growth
    ** In parcels, Q2 EBIT fell to 15 mln euros ($16.4 mln) from
17 mln euros last year on the back of 6% volume growth, of which
0.3% came from domestic market and 29% from international
    ** PostNL also reiterates 2024 outlook
    ** Including Monday's rise, the stock had dropped around
4.5% YTD

($1 = 0.9127 euros)

 (Reporting by Dimitri  Rhodes)
 ((Dimitri.Rhodes@thomsonreuters.com;))