November 4, 2019 / 9:09 AM / 10 days ago

UPDATE 1-PostNL Q3 operating income misses estimates, shares plummet

(Adds detail, share price move)

Nov 4 (Reuters) - Dutch postal and parcel services provider PostNL on Monday reported a lower than expected quarterly operating income of 25 million euros ($27.92 million) due to a slowdown at its parcels and Netherlands mail divisions, sending shares down 10%.

Analysts polled by the company had expected third-quarter underlying cash operating income (UCOI) of 27 million euros.

Underlying cash operating income for its parcels division fell 15% short of analysts’ estimates, as the company blamed a weak economy and a slowdown in fashion and technology retailing.

PostNL said that its domestic mail division saw volumes decline, causing revenue for the business to come 10 million euros short of analysts’ estimates at 352 million euros.

The company confirmed its 2019 outlook for underlying cash operating income to come in between 170 million and 200 million euros, but said that adjusted for the impact of the Sandd acquisition it will come in at 150 million and 180 million euros.

Its shares fell 10% to 1.87 euros by 0829 GMT, on track for the biggest single-day percentage loss since May. ($1 = 0.8954 euros) (Reporting by Michal Aleksandrowicz in Gdansk, editing by Louise Heavens)

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