FedEx has helped kick off the Q3 earnings season, with its report reflecting one of the earlier that we still count in the overall Q3 tally. We still have a few weeks until the big banks unveil their quarterly results, really ushering in the period in a big way.
The reaction to the FedEx (NYSE: FDX) report was notably negative, with the results spooking investors. Let's take a closer look at the release and compare the company's current standing to a prominent peer, United Parcel Service (NYSE: UPS).
FedEx Quarterly Results Disappoint
Concerning headline figures, FedEx fell short of the Zacks Consensus EPS estimate by 25%, with sales of $21.6 billion also 2% lower than expected. EPS fell 20% year-over-year, whereas sales were down a marginal 0.4% from the same period last year.
Below is a chart illustrating the company's sales on a quarterly basis.
Image Source: Zacks Investment Research
"Despite a challenging quarter, we remain focused on transforming our network, improving our efficiency, lowering our cost-to-serve, and enhancing our ability to adapt with speed to evolving market dynamics" said Raj Subramaniam, CEO.
He continued, "Overall, I remain confident ...
