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12/17/2019, 10:05 PM (Source: TeleTrader)
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Fedex-0.54%

242.84
Chart for: FedEx Corporation

FedEx's Q2 revenue at $17.3B, down 3% YoY

FedEx Corp. announced on Tuesday it's second-quarter revenue stood at $17.3 billion, falling 3% compared to the same month last year and missing analyst expectations.

Operating income dropped 53%, from $1.17 billion in Q2 fiscal 2019 to $554 million this quarter, while operating margin stood at 3.2%. Net income tumbled 40% to $560 million, with the diluted earnings per share standing at $2.13, down 39% year-over-year.

"Fiscal 2020 is a year of continued significant challenges and changes for FedEx, particularly in the quarter just ended due to the compressed shipping season," Frederick Smith, FedEx Corp. chairman said in the press release. "While we have experienced some higher-than-expected expenses this quarter, we forecast FedEx Ground operating margins to rebound to the teens in our fiscal fourth quarter as the bow wave of costs for these changes is absorbed."

Company shares slipped 6.76% in the after-hours trade following the report.

Breaking the News / MD