FedEx (FDX) Misses Q3 EPS by 27c, Revenue In-Line
- Wall Street ends sharply higher, led by surging Dow
- Sanderson Farms (SAFM) Explores Sale - Report
- Amazon (AMZN) in Talks to Acquire Stake in Self-Driving Truck Startup Plus: Report
- Dollar dips after Fed rally, Bitcoin slumps
- 5 Companies Set to Hike Their Dividend Over the Next Few Weeks, 3 Dividend Aristocrats
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
(Updated - March 21, 2017 4:19 PM EDT)
FedEx (NYSE: FDX) reported Q3 EPS of $2.35, $0.27 worse than the analyst estimate of $2.62. Revenue for the quarter came in at $15 billion versus the consensus estimate of $14.99 billion.
FedEx is unable to forecast the fiscal 2017 year-end mark-to-market (“MTM”) pension accounting adjustments. As a result, the company is unable to provide fiscal 2017 earnings guidance on a GAAP basis.
Before year-end MTM pension accounting adjustments, earnings are now projected to be $10.80 to $11.30 per diluted share for fiscal 2017. This forecast includes TNT Express results and assumes moderate economic growth. The earnings forecast before year-end MTM pension accounting adjustments and excluding TNT Express integration expenses, including restructuring charges, and intangible asset amortization remains $11.85 to $12.35 per diluted share for fiscal 2017 (*** consensus is $12). The capital spending forecast for the fiscal year is now $5.3 billion, down $300 million, due to a reduced FedEx Ground spending forecast.
The company is targeting operating income improvement at the FedEx Express group of $1.2 billion to $1.5 billion in fiscal 2020 versus fiscal 2017, assuming moderate economic growth and current accounting and tax rules. The operating income target includes expected TNT Express synergies as well as base business and other operational improvements across the global FedEx Express network.
“During the next three years, the benefits of the TNT Express integration, fleet modernization, yield management, e-commerce growth and investments in network capabilities and efficiency will drive significant earnings growth,” said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer.
For earnings history and earnings-related data on FedEx (FDX) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Resumes FedEx (FDX) at Buy
- After-Hours Stock Movers 06/21: (ADIL) (IRDA) (XAIR) Higher; (MVIS) (AFCG) (SBLK) Lower (more...)
- Stifel Resumes Covenant Logistics Group Inc. (CVLG) at Hold
Create E-mail Alert Related CategoriesEarnings, Guidance, Hot Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!