FedEx reports Q1 (Aug) results, revs in-line; guides FY18 EPS below consensus (216.00 +0.92)
- Reports Q1 (Aug) earnings of $2.65 per share, may not be comparable to the Capital IQ Consensus of $3.09; revenues rose 4.1% year/year to $15.3 bln vs the $15.35 bln Capital IQ Consensus. FedEx sees FY2018 CapEx of $5.9bln, Prior $5.9 bln.
- FDX Earnings Color: Co reported earnings of $2.19 per diluted share ($2.51 per diluted share on an adjusted basis) for the first quarter ended August 31, compared to earnings of $2.65 per diluted share ($2.82 per diluted share on an adjusted basis) a year ago. Both as-reported and adjusted earnings reflect the estimated negative impact of the June 27 cyberattack affecting TNT Express ($0.79 per diluted share) and Hurricane Harvey ($0.02 per diluted share).
- Co issues downside guidance for FY18, sees EPS of $12.00-12.80, excluding non-recurring items, vs. $13.38 Capital IQ Consensus Estimate.
- Reaffirm commitment to improve operating income at the FedEx Express segment by $1.2 billion to $1.5 billion in fiscal 2020 versus fiscal 2017. (Reiteration from August comments)
- Reaffirms CapEx guidance of $5.9 bln for FY18.