Economic bellwether FedEx (FDX) is set to report earnings on Tuesday evening.
During the company’s last earnings report in December, management gave weak guidance for 2019 and cited concerns about continued deceleration in global trade. The warning spooked investors, and shares tanked following the comments.
Executive VP and CFO Alan B. Graf, Jr., warned in a statement on December 18, “Global trade has slowed in recent months and leading indicators point to ongoing deceleration in global trade near-term.”
FedEx expects to earn between $15.50 and $16.50 per share in fiscal 2019.
“We are trimming our F3Q19 EPS estimate to $3.05 from $3.28, as we are factoring in a softer outlook for Express related to slower international trends and ongoing profit headwinds from the TNT integration, as well as somewhat lower profit growth at Freight. We believe Ground remains the bright spot and expect relatively solid performance through the holiday period,” Citi wrote in a note to clients on March 7.
Analysts polled by Bloomberg are expecting FedEx to report earnings of $3.12 per share on $17.66 billion in revenue.
In addition, The Federal Open Market Committee (FOMC) will be kicking off its two-day meeting on Tuesday. At the conclusion of the meeting on Wednesday, the FOMC will hold a press conference to announce its interest rate decision.
Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
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