United Parcel Service Inc UPS shares are trading lower Wednesday in sympathy with FedEx Corp FDX, which reported a top-line miss and issued weak earnings guidance.
What Happened With FDX: FedEx reported fourth-quarter revenue of $21.9 billion, which missed the consensus estimate of $22.72 billion, according to Benzinga Pro. The express package delivery company reported quarterly earnings of $4.94 per share, which beat estimates of $4.89 per share.
FedEx said it expects full fiscal-year 2024 earnings to be in the range of $16.50 to $18.50 per share versus estimates of $18.36 per share. The company also said it anticipates $1.8 billion of DRIVE cost savings and expects to repurchase $2 billion of its common stock in fiscal 2024.
FedEx also announced that its executive vice president and CFO Michael Lenz will retire from his role, effective July 31.
FedEx and UPS are the two biggest shipping carrier companies in the world.
Related Link: FedEx Delivers Q4 Earnings Beat, Revenue Miss, Shares Slide
UPS Price Action: UPS has a 52-week high of $209.34 and a 52-week low of $154.91.
The stock was down 1.84% at $174 at the time of publication, according to Benzinga Pro.
Photo: U.S. Department of Agriculture from Flickr.
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