FedEx (FDX) Crushed Amid Q1 Beat as FY12 Outlook Cut
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Financial Fact:
Rentals and landing fees: 790M
Today's EPS Names:
EDXC, BICX, FBPI, More
Financial Fact:
Rentals and landing fees: 790M
Today's EPS Names:
EDXC, BICX, FBPI, More
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FedEx Corp. (NYSE: FDX) today reported its results for the first quarter fiscal 2012 which ended August 31.
For the quarter, EPS increased to $1.46, topping the consensus of $1.45 and $1.20 per share a year ago, a year-over-year increase of 22 percent.
Revenue of $10.52 billion rose 11 percent from $9.46 billion the previous year and beat the consensus of $10.32 billion.
By segment, the company’s Express segment experienced a 12 percent increase in revenue and a 160 bps decrease in operating margin. FedEx announced plans to increase shipping rates in its Express segment by a net average of 3.9 percent for U.S. domestic, U.S. export and U.S. import services effective January 2, 2012. FDX’s Ground segment saw a revenue growth of 16 percent and a operating margin growth of 330 basis points. Freight revenue rose 6 percent and its operating margin increased 190 bps.
Operating income of $737 million was up 17 percent from $628 million last year. Operating margin raised 40 basis points year-over-year to 7 percent.
Net income increased 22 percent year-over-year from $380 million to $464 million.
The company finished the first quarter with $1.959 billion in cash and cash equivalents, well below $2.328 billion in the preceding quarter.
For the second quarter, the company forecasts EPS to be $1.40 to $1.60, inline with the consensus of $1.58. For fiscal 2012, FedEx lowered its EPS outlook from a range of $6.35 to $6.85 to a range of $6.25 to $6.75; the Street consensus is currently $6.40. The capital spending forecast for fiscal 2012 remains $4.2 billion.
Shares of FedEx are trading 8.8 percent lower on Thursday's session.
For the quarter, EPS increased to $1.46, topping the consensus of $1.45 and $1.20 per share a year ago, a year-over-year increase of 22 percent.
Revenue of $10.52 billion rose 11 percent from $9.46 billion the previous year and beat the consensus of $10.32 billion.
By segment, the company’s Express segment experienced a 12 percent increase in revenue and a 160 bps decrease in operating margin. FedEx announced plans to increase shipping rates in its Express segment by a net average of 3.9 percent for U.S. domestic, U.S. export and U.S. import services effective January 2, 2012. FDX’s Ground segment saw a revenue growth of 16 percent and a operating margin growth of 330 basis points. Freight revenue rose 6 percent and its operating margin increased 190 bps.
Operating income of $737 million was up 17 percent from $628 million last year. Operating margin raised 40 basis points year-over-year to 7 percent.
Net income increased 22 percent year-over-year from $380 million to $464 million.
The company finished the first quarter with $1.959 billion in cash and cash equivalents, well below $2.328 billion in the preceding quarter.
For the second quarter, the company forecasts EPS to be $1.40 to $1.60, inline with the consensus of $1.58. For fiscal 2012, FedEx lowered its EPS outlook from a range of $6.35 to $6.85 to a range of $6.25 to $6.75; the Street consensus is currently $6.40. The capital spending forecast for fiscal 2012 remains $4.2 billion.
Shares of FedEx are trading 8.8 percent lower on Thursday's session.
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