Deutsche Post’s 1Q Profit Drops
Deutsche Post said Wednesday its first-quarter profit fell 18% on a writedown of a German unit and slowing U.S. economic growth that hurt its U.S. DHL division, Bloomberg reported.
Net income fell to about $628 million, or 34 cents a share, from $770 million, or 41 cents, a year ago, DHL said. Sales rose 1.8% to $24.3 billion. The Bonn, Germany-based company reports its earnings in euros.
Earnings before interest and taxes at DHL Express fell 32% to $32.5 million, as the Americas region saw a 10% dropoff in sales, Bloomberg said.
U.S. sales were hurt by lower volumes and lower pricing on domestic express deliveries, Deutsche Post said.
DHL Americas is ranked No. 3 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
