Reality Bites: Fedex Cuts Outlook On Global Growth Concerns
...and so it begins - with a bellwether:
- *FEDEX CUTS 1Q EPS FORECAST TO $1.37-$1.43, EST. $1.56
"Weakness in the global economy constrained revenue growth at FedEx Express more than expected in the earlier guidance."
FDX -4% AH and UPS -2.5% - both to lows of year!
This is not a good sign for GDP! (h/t @Not_Jim_Cramer)
FedEx Corp. (FDX) today announced that earnings for the first quarter ended August 31, 2012 are expected to be in the range of $1.37 to $1.43 per diluted share, compared to $1.46 per diluted share last year. The company’s original first quarter forecast was for earnings of $1.45 to $1.60 per diluted share.
Earnings during the quarter were lower than originally forecast, as weakness in the global economy constrained revenue growth at FedEx Express more than expected in the earlier guidance.
The company has not yet closed the books for the quarter. Additional information will be available on September 18, 2012, when the company releases a full earnings report at 6:30 a.m. CDT and conducts its quarterly earnings conference call at 7:30 a.m. CDT.