European package carrier TNT Express’ first-quarter net income dropped, the Wall Street Journal reported.
TNT’s net income declined to $1.38 million, from with $199.7 million a year earlier. Revenue declined 6.6% to $2.23 billion. Amsterdam-based TNT reports its earnings in euros.
The previous year’s first quarter had $277.4 million breakup fee from UPS Inc. after UPS’ attempted acquisition of TNT was called off when European regulators moved to block the $6.8 billion deal due to antitrust concerns.
TNT said it was aiming for $240 million in cost savings by the end of 2015 and has saved $56 million so far, the Journal reported.
The company said it could not predict when sales growth would start picking up but said profit would be driven by cost savings in 2014 and 2015.