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FedEx Corp FDX shares are trading higher after the close on Thursday after the delivery giant turned in a strong earnings beat and raised its full-year outlook.
FedEx’s Q3 Earnings: FedEx reported fiscal-third-quarter revenue of $22.2 billion, which came in below average analyst estimates of $22.74 billion. The company reported quarterly earnings of $3.41 per share, which easily beat consensus estimates of $2.72 per share.
FedEx said third-quarter results were negatively impacted by continued demand weakness, particularly at FedEx Express. The company also said it saw operating income take a hit from global inflation, partially offset by U.S. domestic yield improvement and cost-reduction actions.
“We’ve continued to move with urgency to improve efficiency, and our cost actions are taking hold, driving an improved outlook for the current fiscal year,” said Raj Subramaniam, president and CEO of FedEx.
FedEx’s FY23 Guidance: FedEx raised its full-year earnings outlook from a range of $13 to $14 per share to a range of $14.60 to $15.20 per share.
The company noted that its outlook is based on current economic forecasts and fuel price expectations and also assumes no additional adverse geopolitical developments.
FedEx will hold a conference call to discuss these results at 5:30 p.m. ET, according to Benzinga Pro.
FDX Price Action: FedEx has a 52-week high of $248.65 and a 52-week low of $141.92.
The stock was up 8.34% after hours at $221.17 at the time of writing, according to Benzinga Pro.
Photo: courtesy of FedEx.
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Image and article originally from www.benzinga.com. Read the original article here.