Shares of FedEx (NYSE:FDX) were falling this morning after the company lowered its full year fiscal forecast to the range of $6.20 to $6.60 per share. The company said the global economy is slowing and customers are opting for less expensive delivery services. The Express unit plans to reduce the number of flights each day, take planes out of service and offer buyouts to employees in hopes of lower expenses.
In the most recent quarter, FedEx earned $459 million, or $1.45 per share, matching the high end of their recently lowered range. Revenue for the company was higher by 3% year over year to $10.79 billion.
In morning trading, shares of FDX were lower by 1.8% so far.
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.