Transport ETFs In Focus As FedEx Reports Dismal Q2 Earnings
Zacks Investment Research | Dec 18, 2019 11:05PM ET
After the closing bell on Dec 17, transport bellwether FedEx (NYSE:FDX) disappointed investors with weak second-quarter fiscal 2020 results. The courier company missed the estimates on both the top and the bottom lines and slashed its fiscal 2020 outlook for the second time amid slowing global trade and increasing pressure from rival shipping companies.
Earnings per share came in at $2.51, missing the Zacks Consensus Estimate of $2.79 and declining from the year-ago earnings of $4.03. Revenues dipped 2.8% year over year to $17.32 billion and fell shy of the estimated $17.57 billion (read: Zacks Investment Research
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