FedEx is set to report earnings after the close—and they better be good or the stock could be in trouble. One reason investor expectations are rising is the labor negotiations at United Parcel Service that wrapped up in late August.
Investors are probably looking for a beat. One reason is some additional volume that came to FedEx from UPS as businesses looked to protect themselves from a potential UPS labor stoppage. About a week ago, UPS “effectively guided 3Q earnings per share 25% below consensus,” wrote Citi analyst Christian Wetherbee in a recent report. Higher labor costs as well as shifting volumes were to blame.
The weaker-than-hoped-for outlook was a reason shares dropped 2.5% after the report, closing at $224.73. Shares have recovered though, closing Tuesday at just under $250 a share.
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FedEx Earnings Are Coming. UPS Labor Talks Are a Big Factor.The company reports fiscal first-quarter numbers Wednesday evening. Wall Street is looking for earnings per share of $3.71 from sales of $21.7 billion.
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