FedEx (NYSE:FDX) earnings for the shipping company’s fiscal second quarter of 2020 have FDX stock falling in after-hours trading on Tuesday. This comes after reporting adjusted earnings per share of $2.51 on revenue of $17.30 billion. For comparison, Wall Street was expecting $2.76 per share and $17.58 billion in revenue for the quarter.
Let’s take a closer look at the current FedEx earnings report.
- Adjusted per-share earnings are down 37.72% from the $4.03 in the same period of the year prior.
- Revenue comes in 2.81% lower compared to $17.80 billion in the fiscal second quarter of 2019.
- The FedEx earnings report also includes an operating income of $554 million.
- That’s a 52.65% drop from its operating income of $1.17 billion in fiscal Q2 2019.
- Net income of $560 million is 40.11% worse YoY from $935 million.
Here’s what FedEx Chairman and CEO Frederick Smith has to say about the most recent RDX stock earnings report.
“Fiscal 2020 is a year of continued significant challenges and changes for FedEx, particularly in the quarter just ended due to the compressed shipping season. We have significantly enhanced our e-commerce capabilities with strategic initiatives including year-round seven-day FedEx Ground delivery, enhanced large package capabilities and the insourcing of FedEx SmartPost packages.”
The FedEx earnings report also includes a guidance update for fiscal 2020. The company says it now expects adjusted EPS to range from $10.25 to $11.50. This will have it missing Wall Street’s estimate of $12.03 per share.
FDX stock was down 6.08% after markets closed on Tuesday. The stock closed out the day down slightly.
As of this writing, William White did not hold a position in any of the aforementioned securities.