FDX: Potential Miss at FedEx
This weekend I previewed earnings for FedEx (FDX - Annual Report), saying:
FedEx (FDX - Annual Report) on Wednesday. Estimates are for $1.98 on $9.14 billion in sales. Since this is already at the lower end of management’s guidance, falling short would likely be very disappointing.
But falling short is exactly what one highly regarded analyst now expects, according to this article:
FedEx Corp. is expected to release below-estimates quarterly results on Wednesday, according to media reports.According to Forbes, Bear Stearns analyst Edward Wolfe reduced his earnings estimates from $1.98 per share to $1.85 per share.
Wolfe said in a report to clients that the package business, both within the U.S. and abroad, has slowed down significantly during the first half of 2007
Wolfe’s comments sent the shares down today, but if he is right and the company does report $1.85 on Wednesday I expect they will be down quite a bit more.
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