TNT Express Q1 Net Loss Narrows, Revenues Down - Quick Facts

(RTTNews) - Dutch package delivery company TNT Express NV (TNTEF, TNTEY), which is being acquired by U.S. peer FedEx Corp. (FDX), reported Monday that its firs-quarter net loss attributable to equity holders of the parent was 14 million euros, narrower than last year's loss of 19 million euros.

Operating loss was 1 million euros, compared to loss of 11 million euros last year.

This result included one-off charges of 10 million euros, of which 4 million euros related to the FedEx offer.

Adjusted operating income was 9 million euros, an improvement of 8 million euros from last year.

Reported revenues of 1.587 billion euros declined 2.2 percent from 1.622 billion euros last year, negatively impacted by fewer working days.

Underlying revenue growth, adjusted for currency effects, lower fuel surcharges and working-day effect, was 4.2%.

Looking ahead, TNT reiterated its outlook agenda and guidance for 2018/19, as presented during the capital markets day on February 18. The company expects to achieve structural improvements from 2016 onwards and to see the full benefit of the Outlook strategy from 2018/2019.

TNT expects continued economic volatility in some markets outside Europe, especially in Brazil.

TNT anticipates restructuring charges of about 30 million euros in the second quarter.

The company further said that closing of the FedEx Offer to acquire TNT is anticipated in the first half of calendar year 2016.