Global logistics and delivery major FedEx (FDX - Free Report) has reported fiscal Q3 2019 results after the closing bell this afternoon. The Zacks Rank #4 (Sell)-ranked company came in below consensus estimates on both top and bottom lines, reporting $3.03 per share on $17.0 billion in quarterly revenues, compared with $3.10 per share and $17.64 billion expected. Shares in late trading fell on the news, currently down more that 4% in late trading.
Clearly, delivery and logistics on a global scale is being hampered by economic slowdowns in Asia (particularly China) and the European Union (EU). Weaker global trade growth has also led the company to lower guidance for both fiscal Q4 (now $4.58 - 5.38 per share expected) and full-year 2019 ($15.10 - 15.90 expected), putting the previous Zacks estimates at or near the very highest end of this range.
This marks the second time FedEx has slashed guidance, and the company is now trailing rival United Parcel Service (UPS - Free Report) in terms of performance. It's also the third quarter in a row FedEx has missed the Zacks consensus, as well as the sixth quarter in the last 10. Heavy exposure to the EU relative to its main competitors may be the difference here. FedEx's conference call is scheduled for 5:30 pm ET.
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