Research Library
Below is our research library, listed in reverse chronological order. Please use the search box to look for research on a specific company or topic, or use the Calendar, Archives, or Sector links at left to browse for research from a specific time period or sector. If you are a Wolfe Trahan client and can not access any of the links in our library, please contact ITSupport@WolfeResearch.com to request our PDF decryption plug-in.
FDX F4Q Earnings: FDX Positioned to Beat Numbers This Year
Excluding previously announced aircraft impairments, FDX reported F4Q EPS 3% above our est. and Cons. as continued strong Ground and improved LTL results offset weaker than expected Express results. Rev., EBIT and EPS grew 4%, 11% and 14% y/y with modestly lower rev. growth but slightly better total OR improvement vs. our expectations. We are leaving our F13 EPS estimate unchanged at $7.20 vs. prior Cons. of $7.42, but see upside to both our and Cons. estimates later in the year once IP vols inflect positive and FDX announces a U.S. restructuring. We continue to favor FDX for these 2 impending catalysts, along with its historically attractive valuation at 12.5x forward P/E.
Research Library
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