FedEx Still Hampered by Weak Global Demand Outlook and High Input Costs

Delivery giant FedEx announced stronger-than-expected fourth quarter (May 2023) earnings Tuesday, however revenue missed and there was recurring disappointment after the company issued a muted profit forecast for its coming fiscal year, amid what it described as ongoing demand weakness and input cost inflation. It has had a somewhat traumatic few years earnings wise with multiple warnings as inflation for FDX, rising rates and the supply crunch have all affected it. FedEx continued to be wounded by what is still … Continue reading “FedEx Still Hampered by Weak Global Demand Outlook and High Input Costs”

FedEx Shipments Fall for Fourth Straight Quarter, Looks to Deeper Cost Cuts

Delivery giant FedEx has had a somewhat traumatic year earnings wise with multiple warnings as inflation, rising rates and the supply crunch have all affected it. FDX reporting its November end quarter beat EPS by $0.36 but missed on revenue and guided FY23 EPS below consensus. FedEx reported that fewer packages moved through FedEx’s system for the fourth straight quarter with weaker demand most acute in its Express unit, which provides overnight and international deliveries. FedEx continued to be wounded … Continue reading “FedEx Shipments Fall for Fourth Straight Quarter, Looks to Deeper Cost Cuts”

FedEx Earnings Updated After Profit Warning Pinpoints Cost Cuts of $2.7 Billion

Delivery giant FedEx reported adjusted earnings during the fiscal first quarter of $3.44 a share, matching the preliminary figure from the Sept. 16 profit warning. Revenue was $23.2 billion in the period ended Aug. 31. FedEx continued to be wounded by a collapsing European and Asian economies. Global volume softness accelerated in the final weeks of the quarter. FedEx warned last week that Q1 was down from $4.37 last year and well below the consensus of $5.14. The company reaffirmed … Continue reading “FedEx Earnings Updated After Profit Warning Pinpoints Cost Cuts of $2.7 Billion”

FedEx Profit Warning as Global Volumes Decline, Withdrawing Guidance

Delivery giant FedEx issued a major profit warning after the close Thursday for the first quarter and withdrew guidance for the year. $FDX was down over 11% after hours. FedEx continued to be wounded by a collapsing European and Asian economies. Global volume softness accelerated in the final weeks of the quarter. FedEx sees Q1 non-GAAP EPS of $3.44, down from $4.37 last year and well below the consensus of $5.14. The company reaffirms plans to buyback $1.5b shares. FedEx … Continue reading “FedEx Profit Warning as Global Volumes Decline, Withdrawing Guidance”