FedEx

FedEx is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. For its fiscal third quarter, FedEx reported adjusted earnings of $3.86 a share on sales of $21.7 billion. Analysts polled by FactSet expected adjusted earnings per share of $3.43 on sales of $21.97 billion. The company said it benefited from savings due to restructuring efforts including workforce reductions and facility closures. FedEx plans to purchase $500 million of shares in the fiscal fourth quarter and its board authorized a new $5 billion stock-buyback program. Share are up 7%. Dow Jones & Co. owns Factiva.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $261, cut by $2, reflects a 12x multiple of our FY 25 (May) EPS estimate, in line with FDX’s historical forward average. We lift our FY 24 EPS estimate by $0.09 to $17.78 and trim FY 25’s by $0.20 to $21.72. Feb-Q EPS of $3.86 vs. $3.41, beat consensus by $0.38. Revenues of $21.7B were 1.6% below consensus (and -1.9% Y/Y), so the large EPS beat is on margin expansion via cost cuts. The revised FY 24 EPS guidance range ($17.25-$18.25) leaves the midpoint unchanged, but tightens the range by $0.25 on either end. The Express segment yielded adjusted operating margins of 2.5% (up by 130 bps), but volumes in Express were still down, and volumes were only flat in Ground. We

Stifel analyst J. Bruce Chan maintains FedEx (NYSE:FDX) with a Buy and lowers the price target from $305 to $290.

FedEx Reports Higher Third Quarter Diluted EPS of $3.51 and Adjusted Diluted EPS of $3.86 Operating Income Up 19% Year Over Year; Up 16% on an Adjusted Basis Reduces Capital Spending Forecast Plans Additional $500 Million Share Repurchase in Fourth Quarter Board of Directors Authorizes New $5 Billion Share Repurchase Program Narrows Full-Year Earnings Outlook Range MEMPHIS, Tenn.–(BUSINESS WIRE)–March 21, 2024– FedEx Corp. (NYSE: FDX) today reported the following consolidated results for the third quarter ended February 29 (adjusted measures exclude the items listed below): Fiscal 2024 Fiscal 2023 —————————- —————————- As Reported Adjusted As Reported Adjusted (GAAP) (non-GAAP) (GAAP) (non-GAAP) ————- ————- ————- ————- Revenue $21.7 billion $21.7 billion $22.2 billion $22.2 billion Operating income $1.24 billion $1.36 billion $1.04 billion $1.17 billion Operating margin 5.7% 6.2% 4.7% 5.3% Net income $879 million $966 million $771 million $865 million Diluted EPS $3.51 $3.86 $3.05 $3.41 This year’s and last

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.

By Esther Fung and Dana Mattioli After a high-profile split, FedEx and Amazon.com have explored doing more business with each other. The two companies last year discussed FedEx accepting returns of Amazon packages at its retail locations, bringing the delivery giant a share of the business, according to a person familiar with the matter. Amazon has partnerships with a number of companies, including FedEx rival United Parcel Service, to handle the millions of returns it has annually. The two sides didn’t reach a deal, but the developments come as FedEx has sought to boost parcel volumes amid an industry slump and Amazon seeks to improve the experience its customers have in returning items. The talks with FedEx happened last spring, around the same time that Amazon introduced a fee for some customers who bring their returns to UPS stores. In October, UPS signed a $465 million deal to buy Happy

Morgan Stanley analyst Ravi Shanker maintains FedEx with a Equal-Weight and maintains $195 price target.

Morgan Stanley analyst Ravi Shanker maintains FedEx with a Equal-Weight and lowers the price target from $205 to $195.

FedEx (FDX) fiscal Q3 and Q4 earnings per share estimates have been lowered on the “weaker” Express segment margin, UBS Securities said in a note Friday. UBS reduced its fiscal Q3 earnings forecast for FedEx to $3.20 from $3.32 because of “a challenging weather backdrop in January with unusually high snowfall in key areas of their Express network and nine consecutive days of national service disruption.” The firm sees Express breaking even in the quarter, compared with prior expectation of a 0.5% margin. For fiscal Q4, the firm lowered EPS estimate to $5.47 from $5.76 to reflect “a more cautious view on Express margin.” UBS maintained its buy rating with $323 price target on FedEx stock.