Company news: FedEx (FDX) posts mixed quarterly results

FedEx (FDX) reported Q3 FY2024 earnings of $3.86 per share (versus $3.41 per share in Q3 FY2023), strongly beating analysts’ consensus estimate of $3.43 per share.

The company’s quarterly revenues amounted to $21.738 bln (-1.9% y/y), missing analysts’ consensus estimate of $21.953 bln.

The company narrowed FY2024 EPS guidance to $17.25-18.25 from its prior guidance of $17.00-18.50 versus analysts’ consensus estimate of $17.35 and reaffirmed FY2024 revenue outlook as a low single-digit y/y decline versus analysts’ consensus estimate of $88.21 bln, which implies a decrease of 2% y/y.

Also, FedEx authorised a new $5 bln share repurchase program in addition to the existing $0.6 bln that remains.

FDX rose to $298.00 (+12.52%) in pre-market trading.