German logistics giant DHL Group has today forecast its 2024 operating profit to come in above pre-pandemic figures, but the outlook fell short of market consensus amid weaker global trade.
The company expects its 2024 earnings before income and tax (EBIT) to land between €6 billion and €6.6 billion, compared with the company-provided consensus figure of €6.6 billion.
DHL Group said it still does not foresee a broad economic upturn in the first half of 2024, with even further declining volumes in some markets. It expects positive global economic momentum in the second half of the year.
The German firm reported EBIT of €6.3 billion in 2023, below analysts' expectations of €6.4 billion and the previous year's earnings of €8.4 billion.
"The year 2023 was characterised by a weak global economy and, above all, weak global trade," chief executive Tobias Meyer said, adding that factors such as volatility in demand and geopolitical crises will remain in 2024.
The company said it would extend its share buyback programme until 2025 and increase it by €1 billion to a total volume of up to €4 billion.
DHL plans to propose a dividend of €1.85 per share.
