February 24, 2024
London, UK

FedEx (FDX) Third Quarter Earnings


FedEx (FDX) reported the fiscak second quarter earnings for the three months ending September 30. FDX beat on earnings but missed on revenues; the results came lower than the same quarter of 2021. The company said that it continues to experience weak demand particularly at fedex express.

FedEx revenues for the fiscal second quarter came in at $22.8 billion, below the consensus estimate of $23.69 billion. The revenue in the same quarter of 2021 were $23.5 billion.

Earnings per share came at $3.18 topping the forecasts of $2.80. In the same quarter of 2021 the EPS were at $4.83.

Operating adjusted income reported at $1.21 billion compared to $1.68 billion in Q2 2021.

Net adjusted income came at $815 million compared to $1.30 billion in the second quarter of 2021.

FedEx Freight operating income increased 32% year-over-year, driven by an 18% yield increase.

FedEx Outlook

The company now expects Earnings per Share of $13 to $14 for the full year 2022; the analysts expectations were for full year EPS $14.14.

Capital spending is estimated at $5.9 billion, down from the previous forecast of $6.3 billion.

FedEx estimates that the cost cutting in 2023 will be approximately $3.7 billion.

FDX Stock

The stock closed the trading session down 2.62% at $164.35. FDX market capitalization stands at $43.92 billion. FDX stock has a 52-weel trading range between $141.92 to $266.79. FDX has lost 36.46% since the beginning of 2022.

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