FedEx Corp FDX shares are trading lower by 3.4% to $227.13 in sympathy with United Parcel Service, Inc. UPS, which reported third-quarter financial results and lowered its full-year 2023 consolidated revenue guidance.
What Happened With UPS?
UPS reported a 12.8% YoY revenue decline to $21.06 billion in third-quarter 2023, missing expectations. Adjusted EPS was $1.57, beating estimates but lower than last year.
Adjusted average revenue per piece increased 1.5% YoY to $13.78. Consolidated operating profit was $1.62 billion, down 48.7% YoY...Read More
Why It Matters
FedEx and UPS are both major players in the shipping and logistics industry. When one company, like UPS, reports disappointing financial results and lowers its revenue guidance, it can signal broader challenges or trends in the industry that could affect FedEx as well.
The performance of shipping and logistics companies like FedEx and UPS is also sometimes seen as an economic indicator.
A weaker outlook for UPS could be interpreted as a sign of broader economic challenges, which could negatively impact FedEx's stock.
According to data from Benzinga Pro, FedEx has a 52-week high of $270.95 and a 52-week low of $151.34.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
