MILAN (Reuters) -Poste Italiane on Tuesday raised its profit outlook for the current year after it reported better-than-expected second quarter operating profit, boosted by its financial services
Poste Italiane Raises Profit Forecast Following Strong Q2 Earnings
Poste Italiane's Q2 Earnings and Profit Outlook
MILAN (Reuters) -Poste Italiane on Tuesday raised its profit outlook for the current year after it reported better-than-expected second quarter operating profit, boosted by its financial services division.
Financial Performance Overview
Adjusted earnings before interest and taxes (EBIT) rose by 10.4% to 864 million euros ($1.01 billion), comfortably above a company-compiled consensus of 790 million euros.
Investment in Telecom Italia
The state-backed financial conglomerate said it now targets an adjusted operating profit of 3.2. billion euros this year, up from 3.1 billion euros it had previously guided for.
Market Reaction to Earnings Report
Total revenues for the quarter were 4.5% up at 3.260 billion euros, slightly above a consensus forecast of 3.206 billion euros.
Poste shares were 2.7% up after the earnings report, outperforming a flat Milan blue-chips index.
Poste Italiane has become the largest single investor in Telecom Italia (TIM), overtaking France's Vivendi.
Poste Italiane, whose business ranges from core mail and parcels business to financial, insurance, broadband and energy supply services, is majority-owned by the Italian Treasury and state lender Cassa Depositi e Prestiti (CDP).($1 = 0.8549 euros)
(Reporting by Elvira PollinaEditing by Keith Weir)
