FedEx Earnings inline, Revenue Misses In Q4
Investing.com — FedEx (NYSE:FDX) reported fourth quarter earnings that matched analysts’ forecasts and revenue that fell short of expectations.
FedEx announced earnings per share of $6.87 on revenue of $24.4 billion. Analysts polled by Investing.com anticipated EPS of $6.87 on revenue of $24.49 billion.
Shares of FedEx rose 3.7% in after-hours trading.
Raj Subramaniam, FedEx’s CEO, said in a statement, “Our foundational investments have set the stage for a strong fiscal 2023. As we move forward, our focus will be on revenue quality and lowering our cost to serve.”
For fiscal 2023, FedEx projects earnings per share of $22.45 to $24.45.
FedEx shares are down 11% from the beginning of the year, still down 24.90% from its 52 week high of $304.54 set on June 24, 2021. They are outperforming the S&P 500 which is down 20.34% from the start of the year.
FedEx follows other major Industrials sector earnings this month
FedEx’s report follows an earnings miss by ZTO Express Cayman on May 25, which reported EPS of $1.12 on revenue of $7.9 billion, compared to forecasts EPS of $1.35 on revenue of $7.8 billion.
Ashtead Gro had beat expectations on June 14 with second quarter EPS of $2.87 on revenue of $2.08 billion, compared to forecasts for EPS of $2.7 on revenue of $1.98 billion.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar.