FedEx stock down over 10% as company looks to cut costs, withdraws 2023 outlook
FedEx Corp. shares fell nearly 15% in the extended session Thursday after the logistics company pulled its outlook for the year, called for significantly lower quarterly profit and lower revenue, and said that fiscal 2023 is about to become worse.
The company called for preliminary fiscal first-quarter adjusted earnings of $3.44 a share on sales of $23.3 billion. FedEx blamed “macroeconomic weakness” in Asia and “service challenges” in Europe for a $500 million revenue shortfall in these regions. Moreover, revenue from FedEx Ground is about $300 million below company forecasts, the company said.
Besides withdrawing its outlook for fiscal 2023, FedEx called for fiscal second-quarter revenue between $23.5 billion and $24 billion, and adjusted EPS of $2.75 “or greater.” That contrasts with expectations of EPS of $5.48 on sales of $24.9 billion in the quarter, according to FactSet.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Worker at LAX pulled unconscious from FedEx aircraft fuel tankThe worker somehow became unconscious while performing maintenance inside an aircraft fuel tank at the FedEx Express Hub at LAX.
Read more »
Fans sue Commanders for negligence after railing collapse at FedEx FieldFour fans have sued the Washington Commanders and stadium contractors at FedEx Field for negligence after a railing collapsed following a game between Washington and the Philadelphia Eagles last season.
Read more »
N.J. residents file lawsuit against Commanders for railing collapse after Eagles game at FedEx FieldFour Philadelphia Eagles fans are suing the Washington Commanders for an accident following the game at FedEx Field on Jan. 2.
Read more »