Package delivery company FedEx Corp beat Wall Street estimates for quarterly pro...
- Package delivery company FedEx Corp beat Wall Street estimates for quarterly profit on Tuesday, but warned that U.S.-China trade tensions and the non-renewal of its contract with Amazon.com Inc would hurt its fiscal 2020 performance.
The United States and China have waged an 11-month trade war marked by tit-for-tat tariffs on hundreds of billions of dollars of each others’ goods, roiling financial markets, disrupting supply chains and crimping global economic growth prospects. The shipping giant, which gets about a third of its revenue from outside the United States, has drawn Chinese ire over shipping mistakes involving several packages. Most recently, a package containing a Huawei phone sent to the United States was returned last week to its sender in Britain, in what FedEx said was an “operational error.”
FedEx described the decision as a strategic move that would allow it to focus on the broader e-commerce market, a group that would include rivals of Amazon scaling up one- and two-day delivery. Adjusted net income fell to $1.32 billion, or $5.01 per share, for the fourth-quarter ended May 31, from $1.60 billion, or $5.91 per share, a year earlier.
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