The Supreme Court on Thursday struck down a restrictive New York gun law in a major ruling for gun rights.
The justices’ 6-3 decision is expected to ultimately allow more people to legally carry guns on the streets of the nation’s largest cities — including New York, Los Angeles and Boston — and elsewhere. About a quarter of the U.S. population lives in states expected to be affected by the ruling, the high court’s first major gun decision in more than a decade.
In their decision, the justices struck down a New York law requiring people to demonstrate a particular need for carrying a gun in order to get a license to carry one in public. The justices said the requirement violates the Second Amendment right to “keep and bear arms.”
SCOTUS slip opinion here. Dissenting: Breyer, Sotomayor, Kagan. Opinion of the court, 69 pages. Dissenting opinion, 52 pages.
- misses top and bottom line
- EPS: misses by 0.12%
- GAAP, as reproted: $2.13
- non-GAAP, adjusted: $6.87 (missed by a penny)
- revenue: missed by 0.64%
- $24.4 billion vs $24.7 billion; well ahead of $22.60 billion a year ago;
- shares rise on guidance
- 4Q22, three months that end May, 2021
- forecast:
- earnings: $6.88 / share vs $5.01 a year ago
- revenue: $24.47 billion vs $22.60 a year ago
The fact that both full-year revenue and profits are expected to rise amid struggles to supply chains, rising cost and labor shortage is a testament to the ability of the management team. Those headwinds, including increased costs related to network expansion, are expected to affected profits for the quarter. The company can offset these costs if it benefited from a combination of healthy demand and increase online shopping.
Assuming the latter remains strong, FedEx is poised to deliver revenue beat. Likewise, the company’s Ground unit, which accounts for 35% of total revenue, and handles online deliveries for many retailers, will have surpassed estimates. Historically accounting for 50% to 85% of the company’s total operating income, growth in the Ground segment has moderated in recent quarters. In Q3, the company beat on the top, but missed on bottom line.
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