Dutch postal operator PostNL (PTNL.AS)on Monday lowered its 2022 profit outlook for the second time this year, as "unprecedented high level of inflation" and pressure on consumer spending hit costs and e-commerce volumes.
As Europe grapples with soaring labour and fuel costs, postal operators face further challenges from decreasing volume levels and consumer confidence.
"The current macroeconomic and geopolitical environment is challenging and causes headwinds, especially for the logistics industry," Chief Executive Herna Verhagen said, adding this limited visibility on consumer behaviour.
The company, which delivers parcels and letters across Belgium, the Netherlands and Luxembourg, now sees full-year normalised earnings before interest and taxes (EBIT) in a range of 145 million to 175 million euros ($148-178 million).
It had in May cut its earnings guidance to 170 million to 210 million euros, warning 2022 would be more challenging than expected due to high inflation and lower e-commerce volumes.
The company's shares fell around 3% in early trading.
Verhagen said the company would combat the higher costs through price increases, as well as improved efficiency and productivity, and warned there were "no clear signs of recovery" in key macroeconomic indicators.
PostNLreported an 84% fall in its second-quarter EBIT to 10 million euros, missing analysts' average estimate of 12 million in a company-provided consensus.
Free cash outflow was 43 million euros in the quarter, against inflow or 54 million euros last year and clearly below analysts' expectation of a17-million-euro outflow.
The company maintained 2022 free cash flow outlook of 110 million to 140 million euros, but said it would come at the lower end of the range.
Belgian peer Bpost (BPOST.BR)last week reported a smaller-than-feared drop in quarterly earnings and said it saw less risk from market disruptions in the second half of the year.
