Why Shares of FedEx Are Down Today
Shares of FedEx (NYSE: FDX) fell more than 8% on Wednesday morning after the shipping company recorded another earnings miss and guided down for the full fiscal year. On a post-earnings call, management said that after a difficult series of quarters, "we are at the bottom," but investors appear to have run out of patience.
After markets closed on Tuesday, FedEx reported fiscal second-quarter adjusted earnings of $2.51 per share on revenue of $17.3 billion, short of the $2.76 per share in earnings on $17.6 billion in revenue that analysts had expected.
CEO Fred Smith called the current fiscal year "a year of continued significant challenges and changes," as FedEx deals with tariff wars and trade issues and new competition with former customer Amazon.com, while trying to integrate its $4.9 billion acquisition of European freight shipper TNT Express.
Source Fool.com
