Deutsche Post DHL hikes outlook again on ecommerce boom

German logistics company Deutsche Post raised its financial outlook again on Wednesday after more than tripling its operating earnings in the first quarter, predicting e-commerce will keep booming and global trade will rebound.

Deutsche Post DHL raised its operating profit forecast to more than 6.7 billion euros ($8.05 billion) in 2021 and more than 7 billion in 2023, up from a previous expectation of over 5.6 billion and over 6 billion, respectively.

Deutsche Post, one of the world's biggest logistics companies, reported its first-quarter operating profit jumped to 1.9 billion euros on revenues up 22% to 18.9 billion.

"All five of our divisions are on track for growth and are ideally positioned to benefit from the continuing boom in e-commerce and the resurgence in global trade," said CEO Frank Appel.

"We expect further growth in the coming quarters, even with growth rates normalizing over time."

Rival United Parcel Service last week topped Wall Street estimates for quarterly revenue, as the world's biggest parcel delivery company benefited from a surge in online purchases during the COVID-19 pandemic, sending its shares up.