By Foo Yun Chee

AMSTERDAM (Reuters) - Dutch mail company TNT NV's (TNT.AS: Quote, Profile, Research) first-quarter business trends were broadly in line with its annual outlook, the company said on Friday, in contrast with U.S. rivals which have cut their earnings forecasts.

Volume growth in the express delivery division in the first quarter was in line with that achieved in the previous quarter, Europe's second-biggest mail company said in a statement ahead of a shareholder meeting. The unit makes up 60 percent of annual sales.

"This statement is very positive. TNT's share price in the past few months has been punished as if a profit warning was inevitable. Today's statement clearly shows that this expectation is not materialising," said Petercam analyst Thijs Berkelder.

U.S. rival UPS (UPS.N: Quote, Profile, Research) lowered its quarterly earnings outlook on Tuesday, blaming worsening U.S. economic conditions and high fuel costs.

Last month, FedEx Corp (FDX.N: Quote, Profile, Research) gave a low outlook for its current quarter, citing the same factors, after reporting a 7 percent fall in quarterly earnings.

TNT shares were 1.6 percent lower at 24 euros by 1431 GMT, outperforming a 2.2 percent drop in the DJ Stoxx industrial goods and services index .

But the company's outlook might change if the European economy slows, Chief Executive Peter Bakker told shareholders at the meeting.

"Should the recession in the U.S. spread into Europe, then of course we will be affected," he said. TNT, which is due to report first-quarter results on April 28, has no operations in the United States.