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.
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