Deutsche Post, the world's biggest postal and logistics group, reported its first-quarter operating profit rose 2.9 percent, driven largely by its international express business.
Earnings before interest and tax (EBIT) came to 711 million euros ($923 million), broadly in line with analysts' average forecast of 708 million in a Reuters poll.
The world's No. 1 freight forwarder stuck to its view that the global economy will grow moderately this year.
It said it still aimed for 2013 EBIT in the range of 2.7 billion to 2.95 billion euros, with the mail business contributing between 1.1 billion and 1.2 billion.
Operating profit at Deutsche Post's express delivery business rose by 9.5 percent as its customers sent more higher-margin shipments with a guaranteed delivery time. Profit at its mail and supply chain businesses meanwhile declined.
According to Thomson Reuters StarMine, which weights analysts' estimates based on their track record, Deutsche Post trades at 13 times its 12-month forward earnings, a discount to Swiss rival Kuehne & Nagel's 20.7 and U.S.-based United Parcel Service's multiple of 16.9. (Reuters)
