FedEx reported its fiscal first quarter results, disappointing earnings and revenue estimates as well lowering its guidance.
For the three months ending August, the courier delivery services company reported adjusted earnings of $3.05, below analysts’ expected $3.17. The earnings were around -11.85% lower than the year-ago period.
Revenue of $17.05 billion also came in lower than analysts’ estimate of $17.14 billion . Sales remained flattish from the same quarter in the prior year.
Looking ahead, FedEx cut its fiscal full year 2020 guidance to $11 to $13, citing major global headwinds in the form of trade tensions, global economic slowdowns, increase in FedEx Ground costs and losing a “large customer” (read: Amazon) in August. Analysts expected $14.69.