FedEx cited a loss of business from Amazon as contributing to its weak second-quarter results, but claims it can surpass its competitor in 2021.
earnings slump, but the company says it could actually turn a corner and outpace its competitor in fiscal 2021.
"If you think about all the positive things we've said and that we're seeing, as we get into 2021, we will start lapping Amazon," FedEx CFO Alan B. Graf, Jr., said on the company's earnings call late Tuesday. "Without giving you specifics, we're at the bottom, and we're going to come up off the mat and we're going to improve through the rest of this year and into the next."all year.
The comments came after FedEx on Tuesday reported weaker-than-expected fiscal second-quarter results and lowered its full-year earnings outlook for 2020. Shares of FedEx slid as much as 8.1% in early trading on Wednesday. The company blamed weak global economic conditions, rising costs associated with ground-delivery expansion, online holiday sales shifting to the third quarter and the "loss of business from a large customer," which Graf later confirmed on the call was Amazon.it would end its ground-delivery contract with Amazon, after halting its express U.S. shipping contract with Amazon in June.
The spat between Amazon and FedEx has heated up significantly in the past year. In September, FedEx started
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