FedEx Corporation, known by its stock symbol FDX.US, has reported its financial results for the fiscal quarter ending February 29, 2024. The company announced a higher third-quarter diluted EPS of $3.51 and an adjusted diluted EPS of $3.86, with operating income up 19% year-over-year and a 16% increase on an adjusted basis. FedEx also revealed plans to reduce capital spending forecasts and to repurchase an additional $500 million in shares in the fourth quarter. Furthermore, the Board of Directors has authorized a new $5 billion share repurchase program and narrowed the full-year earnings outlook range. The company's revenue for the quarter was $21.7 billion, a slight decrease from the previous year's $22.2 billion. The improved income and margin were attributed to the execution...Show More

FedEx Corporation, known by its stock symbol FDX.US, has reported its financial results for the fiscal quarter ending February 29, 2024. The company announced a higher third-quarter diluted EPS of $3.51 and an adjusted diluted EPS of $3.86, with operating income up 19% year-over-year and a 16% increase on an adjusted basis. FedEx also revealed plans to reduce capital spending forecasts and to repurchase an additional $500 million in shares in the fourth quarter. Furthermore, the Board of Directors has authorized a new $5 billion share repurchase program and narrowed the full-year earnings outlook range. The company's revenue for the quarter was $21.7 billion, a slight decrease from the previous year's $22.2 billion. The improved income and margin were attributed to the execution of the company's DRIVE program and a focus on revenue quality. FedEx Express operating results improved due to lower structural costs from DRIVE initiatives, while FedEx Ground saw increased results from similar cost reductions and higher base yield. FedEx Freight, however, experienced a decrease in operating results due to lower fuel surcharges and reduced weight per shipment. The company completed a $1 billion accelerated share repurchase transaction during the quarter, delivering approximately 4.1 million shares. Looking ahead, FedEx expects a low-single-digit percentage decline in revenue year over year and earnings per diluted share of $15.65 to $16.65 before MTM retirement plans accounting adjustments. The company also anticipates permanent cost reductions from the DRIVE transformation program of $1.8 billion and capital spending of $5.4 billion. FedEx's financial forecasts are based on current economic forecasts, fuel price expectations, and the absence of new adverse geopolitical developments.