Report
Keith Schoonmaker, CFA
EUR 101.80 For Business Accounts Only

FedEx is one of two titans in private U.S. parcel shipping. We don't expect this to change.

The cyber attack on TNT Express crimped first fiscal-quarter margins and income. Consequently, FedEx decreased fiscal 2018 EPS guidance to $11.05-$11.85 before pension mark-to-market accounting adjustments, or MTM, and $12.00-$12.80 excluding MTM, TNT integration expenses, and some legal expenses. Prior full-year guidance was about a buck higher, at $13.20-$14.00 excluding MTM and TNT integration. Management indicated that absent the attack, it likely would have maintained its prior expectation....
Underlying
FedEx Corporation

FedEx provides transportation, e-commerce and business services through companies under the FedEx brand. These companies are included in the following segments: Federal Express Corporation, including TNT Express B.V., is an express transportation company; FedEx Ground Package System, Inc., which is a provider of small-package ground delivery services; FedEx Freight Corporation, which is a provider of less-than-truckload freight services; and FedEx Corporate Services, Inc., which provides sales, marketing, information technology, communications, customer service, technical support, billing and collections services, and certain back-office functions.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Keith Schoonmaker, CFA

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