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Deutsche Post DHL flags drop in 2023 income amid economic headwinds

Investing.com
·1-min read

By Scott Kanowsky

Investing.com -- Deutsche Post DHL (ETR:DPWGn) flagged that it expects to report a decline in profit in 2023, as the German logistics company warned of challenges stemming from an uncertain economic environment.

The group laid out three scenarios for earnings before interest and taxes during the 12-month period that ranged between €6.0 billion and €7.0B billion. Any of these returns would be a decrease from its record-high 2022 operating income of €8.4B.

"The 2023 financial year should initially be characterised by economic headwinds: for the development of [business-to-business] volumes, at least in the first half of the year, this should mean a continuation of the weak trend from the fourth quarter of 2022," the company said in a statement.

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Income declined by 13% in the final three months of last year due in part to a drop in key air freight volumes and an inflation-related slowdown in consumer spending during the Christmas holiday season. Deutsche Post noted that this customer caution caused by the elevated prices will also impact the development of business-to-consumer volumes throughout 2023.

Analysts at Citi said they now see a mid-single-digit percentage decline to consensus expectations for pre-tax and interest earnings in the current year.

Shares in Deutsche Post edged lower in early European trading on Thursday.

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