The FedEx logo was captured in Washington D.C., United States on February 16, 2023.
Celal Gunes | Anadolu Agency | Getty Images
FedEx has raised its full-year earnings forecast, stating that cost-cutting measures have offset the continued demand weakness at units, including FedEx Express.
The company now anticipates adjusted earnings per share for fiscal 2023 to be between $14.60 and $15.20, up from the previous forecast of between $13.00 and $14.00. According to Refinitiv consensus estimates, Wall Street had expected full-year EPS of $13.56.
“We are holistically adjusting to the cost base on all dimensions and all areas,” said CFO Mike Lenz. “Every dollar is under scrutiny.”
The company’s stock rose more than 11% in after-hours trading.
Here’s how FedEx performed in its fiscal third quarter of 2023, compared with Refinitiv:
Earnings per share: $3.41 adjusted vs. $2.73 expectedRevenue: $22.17 billion vs. $22.74 billion expected
Revenue of about $22.2 billion marked a 6% drop from $23.6 billion during…
2023-03-17 10:22:16
Original from www.cnbc.com