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FDX

FedEx

$181.15 /

-1.27 (-0.70%)

16:07
03/19/19
03/19
16:07
03/19/19
16:07

FedEx cuts FY19 EPS view to $15.10-$15.90 from $15.50-$16.50

Consensus $15.97. Sees FY19 Capital Spending of $5.6B. Fiscal 2019 pre-tax cash costs related to business realignment activities, including the voluntary buyout program for eligible U.S.-based employees, are expected to total $450 million to $575 million and should predominantly occur in the fourth quarter of fiscal 2019. Actual costs will depend on acceptance rates. Savings from business realignment activities are expected to be $225 million to $275 million in fiscal 2020. Similar programs are likely for employees in international regions. FedEx continues to make progress on the integration of FedEx Express and TNT Express operations. In February, FedEx Express began to integrate its intra-European shipments into the TNT Express European road network. With this development, FedEx Express customers in Europe will on average see at least one business day of transit time improvement on 40% of all European lanes, with the full implementation expected in June. Europe accounts for a significant percentage of the combined FedEx Express and TNT Express international revenue, workforce and facilities. Integration activities in Europe are complex and require consultations with works councils and employee representatives in a number of countries. While substantial progress on integration activities is expected to occur in fiscal 2020, particularly in Europe, integration work will continue into fiscal 2021. Integration expenses are expected to exceed $1.5 billion cumulatively through fiscal 2021 and additional costs may be incurred related to investments that will further transform and optimize the FedEx Express business. The timing and amount of integration expenses and other investments in any future period may change as plans are revised and implemented. The forecast for fiscal 2019 integration expenses is down slightly to $435 million.

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FDX FedEx
$181.15 /

-1.27 (-0.70%)

03/07/19 Citi
FedEx price target lowered to $210 from $225 at Citi
02/22/19 B. Riley FBR
Stamps.com should return to high single-digit growth, says B. Riley FBR
02/19/19 Morgan Stanley
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02/15/19 JPMorgan
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