Austria Post Q2 net income 25.1 mln eur, beating consensus

Oesterreichische Post AG (Austrian Post) said its net income for the second-quarter was up 72 pct year-on-year to 25.1 mln eur, beating analyst consensus of 21.0 mln eur, thanks to continued strong growth in the company’s packets and logistics segments.

Austrian Post’s EBIT for the quarter was up 72.8 pct year-on-year to 29.9 mln eur, while its EBITDA came in at 52.8 mln eur, 8.9 pct higher on the year.

Analysts polled by Thomson Financial News had forecast the company’s quarterly EBIT at 26.8 mln eur and its EBITDA at 54.9 mln eur.

The postal services group said its revenues for the quarter came in at 541.3 mln eur, compared to 417.1 during the same period a year earlier. Analysts had expected second-quarter revenues to reach 543.5 mln eur.

Negotiations regarding the acquisition of additional firms in the speciality logistics sector are in their final stages, according to the Austrian Post.

The company said the recent market entry of a new competitor will have a negative impact on earnings in its parcel and logistics division, but said it stands by its forecast of full-year EBIT rising by 20-25 pct year-on-year.

Looking ahead to 2008 and 2009, Austrian Post said it has left its medium-term target of sustaining an EBIT margin between 7-8 pct unchanged and aims to have a dividend payout ratio of at least 70 pct, assuming that the company’s continued business development and financial position remain favourable.