FedEx (FDX) reported earnings on Tue 21 Sept 21 (a/h)

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FedEx misses by $0.55, reports revs in-line; lowers FY22 EPS guidance; operating results impacted by constrained labor market 

• Reports Q1 (Aug) earnings of $4.37 per share, excluding non-recurring items, $0.55 worse than the S&P Capital IQ Consensus of $4.92; revenues rose 13.9% year/year to $22 bln vs the $21.86 bln S&P Capital IQ Consensus.
  • Q1 operating results were negatively affected by an estimated $450 mln yr/yr increase in costs due to a constrained labor market which impacted labor availability, resulting in network inefficiencies, higher wage rates, and increased purchased transportation expenses. This was partially offset by higher package and freight yields, increased international export express shipments and a favorable net fuel impact.
  • In addition, while commercial ground and US domestic express package volume increased year over year, continued supply chain disruptions have slowed US domestic parcel demand compared to the company's earlier forecast.
  • FedEx Express operating results declined due to higher operating expenses, largely driven by staffing challenges and COVID-19-related air network impacts. Results were also negatively impacted by a decline in U.S. average daily freight pounds due to a surge in charter flights a year ago.
• Co issues downside guidance for FY22, sees EPS of $19.75-21.00, excluding non-recurring items, vs. $21.13 S&P Capital IQ Consensus and vs prior guidance of $20.50-21.50.
  • Conditions during Q1 (Aug) were more challenging than anticipated and are now expected to extend longer.
  • "Our results for the first quarter reflect higher operating costs we are incurring during this uncertain and challenging operating environment...While we expect these conditions to continue near-term, we expect a gradual improvement in labor availability combined with our proactive revenue management actions to mitigate the ongoing impact of these headwinds on our results and position us for earnings growth in fiscal 2022."

FedEx (FDX) reported earnings on Tue 17 Sept 19 (a/h)

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FedEx misses by $0.11, reports revs in-line; guides FY20 EPS below consensus; co cites increased trade tensions and additional weakening of global economic conditions

Reports Q1 (Aug) earnings of $3.05 per share, excluding non-recurring items, $0.11 worse than the S&P Capital IQ Consensus of $3.16; revenues were unchanged year/year at $17.05 bln vs the $17.05 bln S&P Capital IQ Consensus.

• "Our performance continues to be negatively impacted by a weakening global macro environment driven by increasing trade tensions and policy uncertainty...Despite these challenges, we are positioning FedEx to leverage future growth opportunities as we continue the integration of TNT Express, enhance FedEx Ground residential delivery capabilities and modernize the FedEx Express air fleet and hub operations."

Co issues downside guidance for FY20, sees EPS of $11.00-13.00, excluding non-recurring items, vs. $14.62 S&P Capital IQ Consensus.

• FedEx is lowering its FY20 earnings forecast as the co's revenue outlook has been reduced due to increased trade tensions and additional weakening of global economic conditions since the co's initial FY20 forecast in June. The revised outlook also reflects increased FedEx Ground costs and August's loss of FedEx Ground business from a large customer. In addition, the FedEx ETR is now expected to be 24% to 26% before the year-end MTM retirement plan accounting adjustment, due to lower-than-expected earnings in certain non-U.S. jurisdictions.
• "FedEx is implementing additional cost-reduction initiatives to mitigate the effects of macroeconomic uncertainty, including post-peak reductions to the global FedEx Express air network to better match capacity with demand."

Earnings this week : Sept 16 - 20, 19 (wk 38)

Monday (Sept 16)

• Morning: HHR

Tuesday (Sept 17)

• Morning: APOG CBRL
• Afternoon: ADBE CHWY FDX

Wednesday (Sept 18)

• Morning: GIS
• Afternoon: MLHR

Thursday (Sept 19)

• Morning: DRI
• Afternoon: SCHL SCS

Friday (Sept 20) 

• None

Notable earnings reports:

• Adobe (NASDAQ:ADBE), Chewy (NYSE:CHWY) and FedEx (NYSE:FDX) on September 17; 
• General Mills (NYSE:GIS), Darden Restaurants (NYSE:DRI) and United Natural Foods (NYSE:UNFI) on September 19.

FedEx (FDX) reported earnings on Tue 18 Dec 2018 (a/h)

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FedEx beats by $0.10, beats on revs; lowers FY19 EPS below consensus primarily due to European weakness; announces cost-reduction initiatives; rescinds FY20 profit target

• Reports Q2 (Nov) earnings of $4.03 per share, excluding non-recurring items, $0.10 better than the S&P Capital IQ Consensus of $3.93; revenues rose 9.3% year/year to $17.8 bln vs the $17.62 bln S&P Capital IQ Consensus. Operating income grew during the quarter due to higher volumes, increased yields and a favorable net impact of fuel at all transportation segments. Lower variable compensation also benefited results for the quarter. At FedEx Express, operating results were negatively impacted during the quarter by lower-than-expected international revenue, especially in Europe and Asia, higher growth in lower-yielding services across the network and the timing of aircraft maintenance events.
• Co issues downside guidance for FY19, sees EPS of $15.50-16.60 from $17.20-17.80, excluding non-recurring items, vs. $17.33 S&P Capital IQ Consensus. 
• These forecasts assume moderate U.S. domestic economic growth and no further weakening in international economic conditions from the current forecast. 
• Management still expects to realize the benefits from TNT Express that were anticipated when the company was acquired. However, lower-than-expected express package volume due to European economic weakness that accelerated during the quarter and is expected to continue, and a change in service mix following the June 2017 cyberattack on TNT Express, will delay the anticipated realization of these benefits. As a result, the target to increase FedEx Express operating income by $1.2 billion to $1.5 billion over fiscal 2017 results will not be achieved in fiscal 2020.
• "Global trade has slowed in recent months and leading indicators point to ongoing deceleration in global trade near-term," said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer. "These trends, coupled with the change in service mix at FedEx Express, are negatively impacting the segment's financial results. We remain committed to actively managing costs with a heightened focus on increasing efficiency across the organization." 
• In addition to lowering variable compensation, FedEx is implementing other cost-reduction initiatives to mitigate below-plan performance. These actions include: A voluntary buyout program for eligible employees International network capacity reductions at FedEx Express Limited hiring in staff functions Reductions in discretionary spending. A pre-tax cash charge related to the voluntary buyout program for U.S.-based employees is expected to total $450 million to $575 million and should predominantly occur in the fourth quarter of fiscal 2019. Actual costs will depend on employee acceptance rates. Savings from this program are expected to be $225 million to $275 million in fiscal 2020. Similar programs are being considered for employees in international regions.

Earnings this week : December 17 - 21, 2018 (wk 51)

Earnings confirmed to report next week

Monday (Dec 17) 

• Morning: None
• Afternoon: HEI ORCL RHT

Tuesday (Dec 18)

• Morning: DRI FDS NAV WOR
• Afternoon: ABM AIR FDX JBL MU SCS 

Wednesday (Dec 19)

• Morning: GIS NCS PAYX WGO
• Afternoon: MLHR PIR RAD REVG

Thursday (Dec 20)

• Morning: ACN APOG ATU BB CAG CCL CTAS NEOG  SAFM SCHL SID WBA
• Afternoon: CAMP CTAS NKE  

Friday (Dec 21)

• KMX

FedEx (FDX) reported earnings on Mon 17 Sept 2018 (a/h)

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FedEx misses by $0.37, beats on revs; raises FY19 EPS in-line, reaffirms FY19 rev and margin guidance 

• Reports Q1 (Aug) earnings of $3.46 per share, excluding non-recurring items, $0.37 worse than the S&P Capital IQ Consensus of $3.83; revenues rose 11.5% year/year to $17.05 bln vs the $16.88 bln S&P Capital IQ Consensus.
• Co issues guidance for FY19, sees EPS of $17.20-17.80 from $17.00-17.60, excluding non-recurring items, vs. $17.39 S&P Capital IQ Consensus; reaffirms FY19 revs +9% to ~$71.34 bln vs. $70.94 bln S&P Capital IQ Consensus; adj. operating margin 8.5%.
• FDX is down 2.5% after the company missed earnings estimates despite reporting higher than expected revenue.
• Q1 adj. EPS was $3.46 vs. the $3.83 consensus. FedEx recognized substantially higher variable compensation accruals during the quarter, as last year's first quarter results were negatively impacted by the NotPetya cyberattack at TNT Express. Also, during the fourth quarter of fiscal 2018 the company accelerated wage increases for certain hourly employees due to the enactment of the TCJA. Collectively, the impact of these items negatively affected year-over-year results by $170 million ($0.48 per diluted share).
• FedEx raised FY19 adj. EPS (ex-retirement plan cctg charges and TNT integration expense) to $17.20-17.80 from $17.00-17.60; reaffirmed adj. operating margins 8.5% and revenue up 9%.

Earnings expected this week : Sept 17 - 21, 18 (wk 38)

Earnings confirmed for this week

Monday (Sept 17) 

• Morning: None
• Afternoon: FDX  ORCL

Tuesday (Sept 18)

• Morning: APOG AZO CBRL GIS 
• Afternoon: None

Wednesday (Sept 19)

• Morning: CPRT
• Afternoon: MLHR  RHT

Thursday (Sept 20)

• Morning: DRI   THO
• Afternoon: MU  SCS  UNFI

Friday (Sept 21)

• Morning: None

FedEx (FDX) reported earnings on Wed 16 Dec 2015 (a/h)

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FedEx beats by $0.08, reports revs in-line; reaffirms FY16 EPS guidance  :

• Reports Q2 (Nov) earnings of $2.58 per share, $0.08 better than the Capital IQ Consensus of $2.50; revenues rose 5.0% year/year to $12.5 bln vs the $12.42 bln Capital IQ Consensus.
• Express Segment
  • Revenue of $6.59 billion, down 6% from last year's $7.02 billion
  • Operating margin of 9.4%, up from 7.0% the previous year
• Ground Segment
  • Revenue of $4.05 billion, up 32% from last year's $3.06 billion
  • Operating margin of 13.0%, down from 15.2% the previous year
• Freight
  • Revenue of $1.55 billion, down 2% from last year's $1.59 billion
  • Operating margin of 6.5%, down from 7.1% the previous year
• Co reaffirms guidance for FY16, sees EPS of $10.40-10.90 vs. $10.55 Capital IQ Consensus Estimate.
  • The outlook assumes moderate economic growth and excludes the independent contractor legal settlements and any TNT-related costs or operating results.
  • The effective tax rate for the full year is expected to be approximately 36% excluding any MTM adjustments and the impact of the TNT transaction.
  • The capital spending forecast for the fiscal year remains $4.6 billion.

FedEx (FDX) reported earnings on Tue 15 Sept 2015 (a/h)

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FedEx (FDX) reported earnings on Mon 18 June 2012 (a/h)

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FedEx Corp Issues Q1 2013 EPS Guidance Below Analysts' Estimates; Issues FY 2013 EPS Guidance In Line With Analysts' Estimates

FedEx Corp announced that it projects earnings to be $1.45 to $1.60 per diluted share in the first quarter of 2013 and $6.90 to $7.40 per diluted share for fiscal 2013. This earnings guidance does not include the impacts of the significant cost reduction programs currently under review that should be announced in the fall. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EPS of $1.70 for the first quarter of 2013 and EPS of $7.39 for fiscal 2013.