Memphis courier FedEx cancels 2020 profit outlook, quarterly revenue beats estimate

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Memphis courier FedEx cancels 2020 profit outlook, quarterly revenue beats estimate

On Tuesday, the 17th of March 2020, FedEx Corp., the Memphis, Tennessee-based American multinational parcel delivery service provider, which had been facing off an upscaled bad-patch following suspension of its package delivery deal with the world’s No.

1 retailer Inc., had revealed a fairly upbeat quarterly revenue that had beaten an analysts’ estimate as well, nonetheless, the multinational courier service provider widely seen as an industry bellwether had also cancelled its 2020 profit estimate made earlier this year over fears of substantial extent of impact from the coronavirus outbreak and had pledged to slash additional expenses in a bid to grapple with the uncertainties the Covid-19 pandemic had brought in.

Nonetheless, the coronavirus outbreak had also clawed in a fortune for the Memphis-based courier service provider, as more and more businesses had turned on to international express jets of FedEx to safeguard their production lines amid an intransigent rise in newer coronavirus cases.

Besides, followed by the reveal of FedEx Corp.’s quarterly earnings which reported a 3 per cent rise in revenues to $17.5 billion, beating a Wall St. estimate of $16.89 billion, NYSE-listed shares’ prices of FedEx rose as much as 4.94 per cent to $94.96 in after-market trading.

Meanwhile, adding that the latest surge in FedEx’s shares’ prices would likely to be short-lived over the narratives of a mass-scale border closure alongside nationwide lockdowns adopted by a majority of G20 nations, a managing partner at Memphis-based Gullane Capital Partners, Trip Miller said on Tuesday (March 17th), “The reaction to their release is a bit like driving looking through the rear-view window.

There wasn’t much in there for me to feel positive about FedEx or anybody else in the next 60 days. ”