“FedEx’s operations have been severely hurt by the Jun 27 cyberattack on its subsidiary, TNT Express. The attack caused large-scale service delays on its TNT Express unit. Evidently, the company’s top line in first-quarter fiscal 2018 was affected, primarily due to decreased volumes at TNT Express. First-quarter results were also hampered by Hurricane Harvey. In fact, the company incurred costs of approximately $300 million during the quarter due to the catastrophe.”
Author: Zacks Equity Research