Italy's Poste slightly ups outlook after Q2 profit beats forecast
MILAN, July 30 (Reuters) -Poste Italiane PST.MI slightly improved its full year profit goal on Tuesday, after second-quarter operating profit fell less than expected supported by a strong performance of the postal service's traditional parcel and mail distribution business.
Earnings before interest and tax (EBIT) came in at 782 million euros ($846 million) in the three months to the end of June, down year-on-year but well above a 713 million euro forecast in an analyst consensus compiled by the company.
In 2023, second quarter EBIT stood at 799 million euros boosted by a non cash capital gain on an acquisition.
Poste said it was now forecasting an adjusted EBIT of 2.8 billion euros in the full year up from 2.7 billion euros previously, helped also by the higher-for-longer interest rate outlook supporting net interest income.
Among the drivers of the upgrade, Poste also said that the recent signing of a new labour contract for its 120,000 employees gave it certainty on labour costs.
Revenues from Poste's wide range of services, which include mobile and energy services as well as insurance products, totalled 3.1 billion euros in the second quarter, slightly above an average analyst forecast of 3.04 billion euros.
Poste said the mail and parcel business had recorded its best quarterly revenues since the group listed in Milan, when excluding the performance during the COVID-19 pandemic.
($1 = 0.9240 euros)
Reporting by Elvira Pollina; Editing by Valentina Za
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