MILAN (Reuters) -Italian postal service operator Poste Italiane on Wednesday reported better-than-expected operating profit in its third quarter, helped by a positive performance by all its diversified businesses and cost control.
Poste, which has insurance, financial and digital payment divisions besides the traditional mail and parcels segment, said adjusted earnings before interest and tax (EBIT) rose to 789 million euros ($848 million) in the quarter from 539 million euros a year earlier.
That was above an analyst consensus compiled by the company of 741 million euros.
“We are further strengthening our upgraded full-year 2024 Adjusted EBIT guidance of 2.8 billion euros, with a net profit guidance of 2.0 billion euros,” CEO Matteo Del Fante said in a statement.
Revenue in the quarter came in at 3.06 billion euros, 9.6% up from a year before, and slightly above a 3.05 billion euros forecast, with all its business contributing to growth.
Italy’s Treasury plans to sell a stake of up to 14% in Poste, with the state remaining a majority shareholder in the company.
The Treasury directly owns a 29.3% stake in the postal service company, while another 35% stake is held through state lender Cassa Depositi e Prestiti (CDP).
Initially expected to be launched late in October, the public offering could take place between the second half of November and early December, according to some analysts.
Poste said it will pay on Nov. 20 a 33 cents interim dividend on its 2024 results, a 39% increase on the payout at the same stage last year.
Poste is valued at around 17 billion euros at the current market price. The stock has gained more than 28% since the beginning of the year. ($1 = 0.9301 euros)
(Reporting by Elvira PollinaEditing by Keith Weir)
