FedEx (FDX) Guidance Falls Below Street, Competiton Jumps on News (UPS, CHRW, EXPD, IYT)
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Following FedEx's (NYSE: FDX) fourth quarter earnings report today, shares of the company are trading down 4.8% to $80.38. The company reported an EPS of $1.33, compared to the analyst estimate of $1.32. Revs were strong as well, at $9.43 billion compared to the consensus of $9.04 billion.
In our earnings preview for the company, we had comments from Piper Jaffray, J.P. Morgan, and Goldman Sachs, who were all looking toward guidance to drive the stock today. JPM was looking for a FY11 EPS estimate between $4.50 and $5.00, and PJ and GS both thought that estimates would come in below the Street view.
Which is true. The company foresees their FY11 EPS between $4.40 - $5.00, compared to the Street consensus of $5.02. It's off only slightly, but with a rather wide estimated range, its enough to shake investor confidence, if just slightly.
When UPS (NYSE: UPS) reported their first quarter results in late-April, they reaffirmed their FY10 EPS outlook at $3.05 to $3.30 per share, up from their prior guidance of $2.70 to $3.05, and compared to the Street consensus of $2.95 per share. The consensus is now at $3.25 for FY10.
C.H. Robinson (Nasdaq: CHRW), which didn't give guidance, reported a Q1 EPS of $0.50, which missed views by 1 cent. Revs were heavy at $2.07 billion however. For Q109, CHRW reported an EPS of $0.50, beating by 2 cents, and revs of $1.69 billion, which were short of views.
Expeditors International of Washington, Inc. (Nasdaq: EXPD) reported a Q1 EPS of $0.28, which was in line with views. Revs of $1.20 billion came in stronger than views. The company did not give guidance, but CEO Peter J. Rose said "we are often asked for our assessment of the state of the global economy. We typically shy away from these questions, but at this juncture we could say that from our vantage point, at least the bleeding seems to have stopped. We think there is still a ways to go before things stabilize globally." EXPD reported their results on May 6, 2010.
As of current estimates, FDX has a forward P/E of 15.9, UPS is at 16.1, CHRW is 22.7, and EXPD is at 25.3.
FedEx competitors are benefitting today:
In our earnings preview for the company, we had comments from Piper Jaffray, J.P. Morgan, and Goldman Sachs, who were all looking toward guidance to drive the stock today. JPM was looking for a FY11 EPS estimate between $4.50 and $5.00, and PJ and GS both thought that estimates would come in below the Street view.
Which is true. The company foresees their FY11 EPS between $4.40 - $5.00, compared to the Street consensus of $5.02. It's off only slightly, but with a rather wide estimated range, its enough to shake investor confidence, if just slightly.
When UPS (NYSE: UPS) reported their first quarter results in late-April, they reaffirmed their FY10 EPS outlook at $3.05 to $3.30 per share, up from their prior guidance of $2.70 to $3.05, and compared to the Street consensus of $2.95 per share. The consensus is now at $3.25 for FY10.
C.H. Robinson (Nasdaq: CHRW), which didn't give guidance, reported a Q1 EPS of $0.50, which missed views by 1 cent. Revs were heavy at $2.07 billion however. For Q109, CHRW reported an EPS of $0.50, beating by 2 cents, and revs of $1.69 billion, which were short of views.
Expeditors International of Washington, Inc. (Nasdaq: EXPD) reported a Q1 EPS of $0.28, which was in line with views. Revs of $1.20 billion came in stronger than views. The company did not give guidance, but CEO Peter J. Rose said "we are often asked for our assessment of the state of the global economy. We typically shy away from these questions, but at this juncture we could say that from our vantage point, at least the bleeding seems to have stopped. We think there is still a ways to go before things stabilize globally." EXPD reported their results on May 6, 2010.
As of current estimates, FDX has a forward P/E of 15.9, UPS is at 16.1, CHRW is 22.7, and EXPD is at 25.3.
FedEx competitors are benefitting today:
- UPS is up 0.83% to $63.18;
- CHRW is up 0.15% to $59.41; and
- EXPD is up 0.34% to $39.13.
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