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FedEx cuts FY revenue forecasts amid weak demand
(Sharecast News) - Logistics firm FedEx was in the red early on Wednesday after it cut revenue forecasts amid weaker demand. FedEx now expects to report a low-single-digit revenue decline for the full year, down from previous forecasts for flat year-on-year sales, and the second consecutive quarter the company has lowered its sales outlook.
The Memphis-based company noted that its express unit, its largest, was particularly challenged during the second quarter as iii navigated lower demand, surcharges, and customers shifting to cheaper services.
For the three months ended 30 November, net income came to $900.0m, or $3.55 per share, versus $788.0m a year earlier, while adjusting for certain items, FedEx posted earnings of $1.01bn, up more than 25% year-on-year but short of Wall Street estimates.
FedEx cited cost-cutting initiatives for its higher profit, which came even as quarterly revenues fell 3% to $22.17bn.
Chief executive Raj Subramaniam said: "When you step back and review how our business has performed in environments with suppressed demand, we are delivering much better profitability today than we have historically."
As of 1525 GMT, FedEx shares were down 10.98% at $252.16 each.
Reporting by Iain Gilbert at Sharecast.com
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