German transport and logistics giant Deutsche Post DHL Group (OTC US: DPSGY) said Monday it will raise its full-year earnings guidance after reporting better-than-expected third-quarter and nine-month results.
Deutsche Post DHL said it expects full-year earnings before interest and taxes to come in higher than the 8 billion euros ($7.7 billion) that was originally forecast. Third-quarter EBIT was revised to $1.98 billion from $1.7 billion, while nine-month results were revised to $6.3 billion from about $5.5 billion, the company said.
The company will release its official results, which will include the actual EBIT increase, on Nov. 8.
Deutsche Post DHL posted year-over-year gains at its international air express, international and air and ocean freight forwarding, and supply chain units. Its e-commerce and intra-German postal and parcel units posted year-on-year declines.
The company’s e-commerce profits were impacted by a slowdown in business-to-consumer e-commerce activity in the first half of 2022. E-commerce business picked up during the third quarter, Deutsche Post DHL said.
Transport volumes have dipped in conjunction with weaker macroeconomic conditions, the company said. At the same time, air and ocean capacity has loosened, providing a cost tailwind for costs at the DHL Global Forwarding unit.