SA: FedEx stock sinks 12% post-market as volume softness leads to Q1 earnings miss

© Alexey Novikov

SEEKING ALPHA writes:

– FedEx (NYSE:FDX) stock sank 12% postmarket on Thursday after the firm reported prelim. Q1 results that widely missed estimates, hurt by global volume softness that worsened in the final weeks of the quarter.

– FDX also withdrew its FY23 earnings forecast.

– The company expects Q1 adj. EPS of $3.44, well below consensus estimate of $5.14.

– Q1 revenue is projected to be $23.2B vs. consensus estimate of $23.52B…

To read the full post, please click here (free reg. is required).

Now read this: “FedEx cutting costs, withdraws 2023 guidance after first-quarter shipments disappoint“.

And this: “After-Hours Movers: FedEx Sinks on Warning, Bowlero Gains on Results“.

The full preliminary numbers can be found here.

Post-market, FDX down as much as 15.9% to $172.3 at the time of writing. 

PS: And here comes our coverage on Friday, with FDX down 22% in early trade: “FedEx – ‘mayday’ from Memphis destroys confidence“. At the time of writing (10.12 ET), Dow, S&P and Nasdaq were down, respectively, 0.8%, 1.1% and 1.5%.