FEDEX CORP. $74 (New York symbol FDX; Aggressive Growth Portfolio, Consumer sector; Shares outstanding: 312.5 million; Market cap: $23.1 billion; Price-to-sales ratio: 0.7; WSSF Rating: Average) delivers packages and documents in the U.S. and over 220 other countries.
FedEx earned $0.58 a share in its first quarter, which ended August 31, 2009. That’s down 52.8% from $1.23 a year earlier. Revenue fell 19.7%, to $8 billion from $10 billion. Like most shipping companies, FedEx added a surcharge to its fees when fuel costs were rising. But now that oil prices have fallen to around $77 a barrel from last year’s peak of $148, FedEx is getting less revenue from these surcharges.
Despite the drop in fuel-surcharge revenue, lower fuel costs should help FedEx increase its profits as an economic recovery pushes up shipping volumes. As well, European-based courier DHL Express exited the U.S. domestic delivery market last year due to growing losses. This gives FedEx an opportunity to expand its market share.
The stock trades at 23.5 times the $3.15 a share that FedEx will likely earn in fiscal 2010. That’s a reasonable p/e ratio in light of FedEx’s high market share and international reach. The $0.44 dividend yields 0.6%.
FedEx is a buy.
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