Poste Italiane beats consensus: revenues are better than expected and the incidence of costs is lower than expected. For the third quarter of 2022, the group led by Matteo Del Fante has recorded revenues equal to 2,9 billion euros, +4,3% (8,7 billion in the first nine months of the year, +3,6% on an annual basis compared to the first nine months of 2021). In the nine months Operating income record to 2,1 billion and the estimate for 2022 goes from 2 to 2,3 billion. And, thanks to these results, Poste Italiane announces an advance on the 2022 results of 0,21 euro after an amount of 0,185 euro (+14%) was approved as the first tranche last November, to which the balance of 0,405 euro was added last June for a total of 2021 euros on 0,59. The dividend will be detached on November 21st.
After the accounts, the title stands out in Piazza Affari and earns 2,95% at 9,63 euros.
Record operating result: +17%
The operating result (EBIT) amounted to 663 million euro, +17% on an annual basis (2,1 billion in the first nine months of the year, +27,2%), above the target set in the initial guidance for the entire FY 2022, with positive contributions from all sectors. L'Net income it amounted to 461 million euro, up 15% (equal to 1,4 billion in the first nine months of the year, +21,4%). the Bloomberg consensus was 413 million.
At the end of September 2022 the net financial position was positive for 2,87 billion euro, compared to 7,16 billion at the beginning of the year.
Poste Italiane: growth across all product lines
I revenues da mail, parcels and distribution amounted to 843 million euros, -0,9% (2,6 billion in the first nine months of the year, -1,3%), with the recovery of parcel revenues mitigating the historic decline in mail revenues .
I revenues from financial services amounted to €1,4 billion, -1,4% (€4,3 billion in the first nine months of the year, +2,2%), with less proactive portfolio management offset by solid margin growth of interest. THE revenues from insurance services they amounted to 500 million euro, up by +23,9% (+8,6% in the first nine months of the year to 1,6 billion). THE revenue from payments and mobile equal to 297 million euros, +34,8% (779 million in the first nine months of the year, +25,7% compared to the same period of 2021).
2022 guidance updated
“Based on these solid results and confident that our implementation of the 24SI Plan is progressing in the right direction, we have updated our 2022 operating result guidance,” said CEO del Fante. The company revised its 2022 full-year guidance upward: EBIT expected at €2,3 billion, more than double the level achieved in 2017. In addition, strong results support distribution of an interim dividend of €0,210 euro, relating to the 2022 results, with payment expected on 23 November.
Del Fante: “Solid financial performance in the third quarter”
“Thanks to the continued momentum, business growth across all Group divisions and the successful implementation of the 24SI Plus business plan, Poste Italiane delivered a new solid financial performance in the third quarter, with revenues up sharply year-on-year and a record operating result (EBIT) in the first nine months of the year, almost double compared to 2017”, commented the managing director.
“The key to our success lies in activating growth engines within each business unit, while ensuring continuous cost rationalization, with the aim of having the necessary flexibility to better adapt to a changing macroeconomic environment ”, concluded the top manager.
