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Deutsche Post reports rise in Q1 earnings, confirms guidance

Illustration shows Deutsche Post logo and stock graph

BERLIN (Reuters) - German logistics company Deutsche Post reported a rise in first quarter revenue and operating profit on Tuesday and confirmed its financial targets for 2022-2024.

Revenue in the first quarter rose by 19.8% to 22.6 billion euros ($23.74 billion) and earnings before interest and tax (EBIT) came in at 2.2 billion euros, up from 1.9 billion in the same period last year.

"We had a good start to the year and once again demonstrated the strengths of our portfolio in a challenging environment," Chief Executive Frank Appel said in a statement.

The group reiterated its expectations for full-year EBIT of 8.0 billion euros (+/- 5%), and expects EBIT to rise to around 8.5 billion in 2024.

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"Following the outbreak of war, global trade has so far proven resilient, yet we are closely monitoring the increasing challenges to global economic development," Appel said.

($1 = 0.9520 euros)

(Writing by Paul Carrel; Editing by Riham Alkousaa, Kirsti Knolle)