The integrator has downgraded its guidance for the year due to the poor European economy.
TNT reduced its 2015 guidance Wednesday due to deteriorating trading conditions in Europe and increased competition.
Its previous guidance of an 8-percent operating margin in Europe and the Americas was predicated on a European economic growth rate of between 2 percent and 3 percent, the integrator said.
“Whilst it is clearly disappointing to see that wider trading conditions within Europe have remained challenging, we are confident that TNT is on the right track to create a sustainable business with good value creation opportunities for its shareholders,” TNT Chief Executive Officer Tex Gunning said in a statement. “We are accelerating our investment programs and cost-reduction initiatives.”
TNT also announced it has entered into a settlement with the French Competition Authorities, which has had TNT under investigation for anti-competitive practices since 2010.
“The settlement will include a reduction percentage to the fine, the absolute amount of which the authorities are not expected to determine before the end of 2015,” the company said.
TNT reduces guidance, settles anti-competitive inquiry
