FedEx Corp (NYSE:FDX) shares are trading lower by 2.17% to $227.13 Tuesday morning in sympathy with United Parcel Service, Inc. (NYSE:UPS), which reported worse-than-expected first-quarter adjusted EPS and sales results.
What Happened With UPS?
United Parcel Service reported quarterly adjusted earnings of $2.20 per share which missed the analyst consensus estimate of $2.21. This is a 27.9% decrease over earnings of $3.05 per share from the same period last year.
The company also reported quarterly sales of $22.90 billion which missed the analyst consensus estimate of $23.01 billion by less than 1%. This sales figure is a 6.1% decrease over sales of $24.38 billion in the same period last year.
“Given current macro conditions, we expect volume to remain under pressure. We will remain focused on driving productivity while investing in efficiency and growth initiatives, enabling us to come out of this demand cycle even stronger,” said Carol Tome, CEO…Read More
According to data from Benzinga Pro, FDX has a 52-week high of $248.76 and a 52-week low of $141.92.
