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Deutsche Post scraps 2020 guidance amid coronavirus woes

Reuters
·1-min read

FRANKFURT (Reuters) - Deutsche Post AG said on Tuesday the new coronavirus had caused its business to drop below internal forecasts by 50 million euros in February and by 150 million euros in March, forcing it to abandon its profit goals for the year.

Group earnings before interest and taxes (EBIT) are expected to be around 590 million euros in the first quarter, it said, adding that it plans to disclose quarterly earnings on May 12.

Deutsche Post reiterated its guidance for 2022 of achieving group EBIT of at least 5.3 billion euros.

Deutsche Post also said it will postpone its annual general meeting, which was due to be held on May 13, to a later date. A virtual meeting will be held instead of a physical one, it said.

(Reporting by Edward Taylor, Editing by Timothy Heritage)