FedEx — Shares of the shipper slid more than 3% in after hours trading despite FedEx beating top and bottom line estimates during the second quarter. For the period the company earned $4.83 excluding items, on $20.56 billion in revenue. Analysts surveyed by Refinitiv expected $4.01 per share in earnings and $19.46 billion in revenue. The company did not provide an earnings forecast for fiscal 2021. FedEx did, however, say that it expects “earnings growth in the second half of fiscal 2021.”
Steelcase — Shares of the furniture maker slid more than 5% after the company said orders declined 39% year over year during the third quarter. Steelcase said it earned 8 cents per share during the period on an adjusted basis, which was ahead of estimates for 3 cents, according to FactSet. Revenue came in at $617.5 million, missing expectations of $628.8 million.
United States Steel — Shares of the steel producer slid more than 3% after the company gave updated fourth quarter guidance. U.S. steel said it expects to lose 85 cents per share. Analysts polled by FactSet were forecasting a 60 cent per share loss. The company is expected to report fourth quarter results on Feb. 21 after the market closes.
Scholastic Corporation — Shares of the publisher declined more than 9% after the company said that adjusted earnings per share fell 44% year over year. “Although the Company remains optimistic about the prospects of returning children to classrooms and the passage of a COVID stimulus package for schools, given the on-going variability in school instruction patterns and schedules and the possibility of new COVID outbreaks and their potential impact on schools, Scholastic is not providing a financial outlook for fiscal year 2021,” the company said in a statement.
