UPS (UPS) is scheduled to report results of its fiscal first quarter before the market open on Tuesday, April 28, with a conference call scheduled for 8:30 am ET. What to watch for: 1. GUIDANCE: When UPS reported its fourth quarter results on January 30, the company provided its fiscal 2020 adjusted earnings per share guidance of $7.76-$8.06 against analyst estimates of $8.07, at that time. During the company’s Q4 earnings conference call, CFO Brian Newman said the company expects the shape of EPS across the quarters in 2020 to “somewhat resemble 2019.” In Q1, UPS expects EPS to be in the range of 17% to 18% of full year adjusted EPS midpoint, driven by tougher year-over-year Supply Chain and Freight comps, softer macro conditions and initial costs associated with its SMB initiatives, Newman noted. The remaining quarters will “be fairly balanced in a range between 27% to 28% of the full year adjusted EPS midpoint, with the fourth quarter at the top end of the range,” the CFO added. Q1 EPS consensus is $1.58. 2. COVID-19 IMPACT: On March 1, UPS said in Raymond James conference presentation slides, “The coronavirus situation continues to evolve; 1Q20 results are expected to be impacted.” On 2020 results, UPS added that lower pension discount rates will be a drag on operating results equivalent to 26c per share, but that net pension expense will be a tailwind to earnings; that its SMB network initiatives will create a headwind of 33c in earnings per share and be accretive in 2021; and that U.S. Industrial Production forecasts continue to trend lower. 3. FEDEX RESULTS: On March 17, FedEx (FDX) reported Q3 adjusted EPS of $1.41 and revenue of $17.5B against analyst expectations of $1.43 and $16.9B, respectively. Additionally, FedEx announced it suspended its FY20 earnings forecast due to coronavirus. “We are suspending our FY20 earnings forecast for our consolidated and segment results due to the uncertainty caused by the coronavirus pandemic,” said Alan Graf, FedEx CFO. “To mitigate these near-term headwinds and position the company for future earnings growth, we are attacking costs throughout the company by managing capacity, retiring our oldest and least-efficient aircraft, integrating TNT Express, and lowering our residential delivery costs by having FedEx Ground deliver FedEx SmartPost and certain day-definite FedEx Express packages.”