Investing.com – Shares of Bpost (EBR:) hit an all-time low on Wednesday after the Belgian postal company unveiled annual earnings guidance that missed expectations.
The company said it now expects adjusted earnings before interest and taxes at the group level for the full year of between 165 million euros and 185 million euros. Analysts had expected a profit of 215.7 million euros, according to estimates compiled by the company.
In a statement, CEO Chris Peters said revenue in the company’s North American business remained “under pressure due to adverse market conditions.”
“We are taking steps to mitigate this problem by continuing to focus on productivity gains,” Peters added.
B Post said it was making “every effort” to maintain its current volumes while negotiating distribution deals with newspaper editors.
In the first quarter of the financial year, B Post, which also distributes newspapers, reported a 5.3% drop in operating income to €993 million.