Dutch logistics firm TNT Express warned that sluggish growth in Europe would hit profit margins in the third quarter, sending its shares tumbling more than 10%.
With European growth below the 2-3% it had been targeted and competition fierce, the parcel delivery company said it would not meet an 8% adjusted operating margin in it main European and American markets.
The logistics sector is seen as a leading indicator for the state of the economy since it is sensitive to companies' forward planning and stock purchases.
The company also said it would set aside €50m - more than half last year's operating profit - to settle a pending fine from French competition authorities over alleged anti-competitive behaviour in the French parcels sector.
TNT's chief executive Tex Gunning said the revision was "disappointing", but insisted the company remained on the right track.
The company's turnaround programme was "solid", he said, but would realistically take three to five years for the full benefits to come through.
