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DHL Group Reports Q2 2023 Results


Deutsche Post, the parent company of DHL, recently released its second-quarter results. Here are the key details:

Revenue Decline

The German logistics group reported a decline in revenue for the second quarter. The total revenue amounted to 20.09 billion euros ($22.10 billion), which is a decrease of 16% compared to the previous year. This figure fell short of the consensus estimates provided by the company, expecting revenue to reach EUR21.65 billion.

EBIT Performance

Deutsche Post, also known as DHL Group, disclosed that its earnings before interest and taxes (EBIT) for the quarter reached EUR1.69 billion, down 27% from the previous year. Despite the decline, the EBIT performance exceeded the company’s own consensus estimate of EUR1.65 billion.

Revised EBIT Guidance

Deutsche Post has revised its EBIT guidance for 2023. The company now expects EBIT to range from EUR6.2 billion to EUR7.0 billion, compared to the previous projection of EUR6.0 billion to EUR7.0 billion. However, even with this revision, the upgraded guidance falls below the expected EUR6.73 billion set by analysts.

Performance of Express Division

DHL Group’s express division, which is its largest and contributes to more than half of the group’s earnings, experienced a decline in EBIT as well. The division reported a drop of 18% in EBIT to EUR901 million, while revenue decreased by 12.5% to EUR6.12 billion. Both metrics failed to meet the expectations set by the company-provided consensus.

Analysts’ Insights

Analysts from Stifel commented that Deutsche Post’s adjusted guidance still seems cautious to them, despite the upgrade. Furthermore, Citi analysts noted that the weaker-than-expected performance in the express division can be attributed to volume declines, considering that the profit margin implied by the second-quarter numbers is higher than what had been anticipated.

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