LONDON—TNT NV, Europe’s second-biggest express-delivery service, said first-quarter profit more than doubled after the company sold a freight-management unit to focus on more profitable operations.

Net income rose to €427 million ($581 million), or €1.10 a share, from €205 million, or €47 cents a share, a year earlier, TNT said in a statement last week. Profit surpassed the 411 million-euro median estimate of six analysts surveyed by Bloomberg News.

Sales rose 9.1 percent to €2.68 billion, missing the 2.71 billion-euro median estimate.

TNT has sold logistics and freight-management businesses to concentrate on mail and overnight deliveries. (Bloomberg)

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LONDON—TNT NV, Europe’s second-biggest express-delivery service, said first-quarter profit more than doubled after the company sold a freight-management unit to focus on more profitable operations.