By Investing.com Staff
FedEx Corporation (NYSE:FDX) formally reported its first-quarter earnings Thursday, which were essentially in line with the preliminary numbers released last week that sent the stock and Wall Street tumbling. To make matters worse the packaging giant released the numbers about an hour and a half early today due to what it called a "tech issue."
The company reported revenue of $23.2 billion, versus $22 billion last year. Non-GAAP EPS was $3.33, versus $4.09 last year.
Results in the quarter were negatively impacted by global volume softness that accelerated in the final weeks of the quarter due to weakening economic conditions. Further, results were hurt by service challenges at FedEx Express
The company said it is accelerating its $4 billion cost savings plan.
“We’re moving with speed and agility to navigate a difficult operating environment, pulling cost, commercial, and capacity levers to adjust to the impacts of reduced demand,” said Raj Subramaniam, FedEx president and chief executive officer. “As our team continues to work aggressively to address near-term headwinds, we’re meaningfully strengthening our business and customer experience, including delivering an outstanding peak.”
For the second quarter, the company sees revenue of $23.5 to $24.0 billion and EPS of $2.65 or greater.
As previously noted, the full-year guidance was withdrawn.