Skip to main content

Market Overview

FedEx Falls After Q1 Earnings Miss

Share:
FedEx Falls After Q1 Earnings Miss

FedEx Corporation (NYSE: FDX) shares are falling after reporting a first-quarter earnings miss.

Adjusted first-quarter earnings came in at $3.05, missing estimates by 12 cents. Sales came in at $17.048 billion, missing estimates by $22 million.

The company cut 2020 sales guidance given "increased trade tensions and additional weakening of global economic conditions since the company's initial fiscal 2020 forecast in June."

See Also: Mike Khouw's FedEx Options Trade

"Our performance continues to be negatively impacted by a weakening global macro environment driven by increasing trade tensions and policy uncertainty," said Chairman and CEO Fred Smith "Despite these challenges, we are positioning FedEx to leverage future growth opportunities as we continue the integration of TNT Express, enhance FedEx Ground residential delivery capabilities and modernize the FedEx Express air fleet and hub operations."

FedEx shares are fell more than 7.5% to $160.28 in Tuesday's after-hours session. The stock closed at $173.30 per share.

 

Related Articles (FDX)

View Comments and Join the Discussion!

Posted-In: Frederick W. SmithEarnings News Guidance Top Stories After-Hours Center Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com