Memphis-based FedEx Corp. (NYSE:FDX) is not only the world's #1 express courier, but has been called a bellwether of the U.S. economy. So it will be interesting to see what happens when FedEx reports quarterly earnings on March 21.
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Did you know that FedEx once delivered a pair of giant pandas from Beijing, China, to Memphis, Tennessee?
According to Thomson Financial, the consensus estimate is for FedEx to announce Q3 2007 revenue of $8.7 billion, with earnings per share of $1.33. In the previous quarter, actual revenue was $8.9 billion, with EPS of $1.89. However, the early consensus estimate for Q4 2007 (the quarter ending in May) has EPS at $2.04.
The consensus recommendation for FedEx is buy (seven analysts say strong buy, six say buy, and seven say hold), with a price target of $125.15 (individual targets ranging from 100 to 144). Shares opened Wednesday at $112.20; the 52-week high was $121.42 in November, and the 52-week low was $97.79 in August.
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FedEx has the second largest fleet of planes in the world, and its planes are named after the children of employees.
On the minds of FedEx investors and watchers in these days leading up to the Q3 2007 report has to be the lackluster Q2 report back in December. Also, that FedEx announced recently a somewhat controversial plan to cap pensions, and that a judge has allowed a discrimination lawsuit brought by independent contractors to proceed.
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