FedEx Corp on Tuesday cut its 2019 profit forecast for the second time in three ...
- FedEx Corp on Tuesday cut its 2019 profit forecast for the second time in three months, sending its shares down 5 percent and fueling fresh worries it is losing ground in Europe to delivery rivals United Parcel Service Inc and Deutsche Post DHL Group.
Executives also blamed the disappointing results on the cost of launching year-round, six-day-per-week operations at FedEx Ground in the United States and continued weakness in its international Express business, which includes former Dutch delivery company TNT Express. Adding to that integration challenge, a 2017 cyber attack on TNT’s European technology systems cost FedEx some $300 million to fix and sent a number of high-value, time-sensitive customers into the arms of stronger operators in Europe.
Atlanta-base UPS has less international exposure than FedEx and said in January that U.S. results helped buffer the impact of global economic softening. [L3N1ZV4LF]
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