FedEx said adjusted non-GAAP earnings for the three months ending in August, the company's fiscal first quarter, came in at $3.05 per share, down 11.8% from the same period last year and 10 cents shy of the Street consensus forecast. Group revenues, FedEx said, were largely flat from last year at $17.04 billion and matched analysts forecasts.
Looking into its 2020 fiscal year, which ends in May, FedEx said it sees earnings in the region of $11 to $13 per share, well south of the $14.69 estimate collected by Refinitiv and around 12% below its implied guidance of $14.75 per share from June of this year.
FedEx CEO Fred Smith had analysts wage "open rebellion" against him in the company's earnings conference call, according to Jim Cramer.
"And it's very unfortunate because Fred Smith is trying to build a global company at a time when the president changes his mind every day about China at a time when e-commerce is exploding," said Cramer.
Watch to see what else Cramer has to say about a company that is largely considered a bellwether for the economy.
More from Cramer Today
Action Alerts PLUS peek: How Jim Cramer Knew to Sell Shopify Stock Before Its Recent Plunge
Apple News: Should Apple Buy Up a Hollywood Studio?
Catch Up: Today's Top News Videos Below