March 6, 2020 / 7:49 AM / a month ago

Italy's Poste ups 2020 guidance, well-positioned to face coronavirus

MILAN, March 6 (Reuters) - Poste Italiane has upgraded its targets for 2020 revenue and profit after beating analyst expectations on last year’s results.

The Italian post office said on Friday it expected its operating profit, or earnings before interest and taxes (EBIT), to reach 1.8 billion euros ($2 billion) this year, above a previous target of 1.6 billion euros.

Revenues are projected to rise to 11.1 billion euros from a previous goal of 10.9 billion euros, it said.

“Thanks to the industrial transformation, Poste Italiane is a resilient business thanks to its diversified business model, and is well positioned to face stress scenarios, such as the Covid-19 situation,” CEO Matteo Del Fante said.

$1 = 0.8902 euros Reporting by Francesca Landini

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