Industrials

FedEx (NYSE:FDX) reported quarterly earnings of $3.86 per share which beat the analyst consensus estimate of $3.45 by 11.88 percent. This is a 13.2 percent increase over earnings of $3.41 per share from the same period last year. The company reported quarterly sales of $21.70 billion which missed the analyst consensus estimate of $22.04 billion by 1.54 percent. This is a 2.12 percent decrease over sales of $22.17 billion the same period last year.

By Esther Fung FedEx reported higher earnings despite lower demand for parcel deliveries, sending shares in the delivery giant higher in after-hours trading. The company said it benefitted from savings due to restructuring efforts that include workforce reductions and facility closures. Shares rose more than 12% after the report. — The Memphis, Tenn.-based company posted a profit of $879 million, or $3.51 a share, in the quarter ended Feb.29, compared with $771 million, or $3.05 a share, a year earlier. — Stripping out certain one-time items, adjusted per-share earnings came to $3.86, above the $3.29 forecast by analysts, according to FactSet. — Revenue fell to $21.7 billion from $22.2 billion a year earlier, just short of the $21.97 billion expected by analysts polled by FactSet. In December the company lowered its outlook for full-year revenue, expecting it to decline in the low-single digits from a year earlier. FedEx added that

FedEx (FDX) reported fiscal Q3 non-GAAP earnings late Thursday of $3.86 per diluted share, up from $3.41 a year earlier. Analysts polled by Capital IQ expected $3.48. Revenue in the quarter ended Feb. 29 fell to $21.7 billion from $22.2 billion a year earlier. Analysts surveyed by Capital IQ expected $22.1 billion. FedEx expects fiscal 2024 earnings of $15.65 to $16.65 per diluted share before the MTM retirement plans accounting adjustments, compared with its prior forecast of $15.35 to $16.85. The company sees fiscal 2024 earnings of $17.25 to $18.25 per diluted share before the MTM retirement plans accounting adjustments and excluding costs related to business optimization initiatives, versus a prior forecast of $17 to $18.50. Analysts surveyed by Capital IQ expect fiscal 2024 earnings of $17.44. FedEx expects a low-single-digit percentage decline in revenue year over year in fiscal 2024. Analysts polled by Capital IQ expect $88.3 billion. The

FedEx says customers who left UPS aren’t going back. FedEx gained hundreds of thousands of parcels per day worth of business after United Postal Service was roiled by labor negotiations over the summer. UPS and the Teamsters reached a deal in July, but FedEx Chief Customer Officer Brie Carere says on a call with analysts Thursday that FedEx held on to the vast majority of the business it gained. Notably, UPS has said the exact opposite: CEO Carol Tomé said after the company’s fourth-quarter earnings that it had won back nearly 60% of volume lost during labor talks. FedEx shares gain 13%, to $299.75, after hours.