FedEx: Q4 EPS falls by less than expected
(CercleFinance.com) - On Tuesday evening FedEx announced Q4 adjusted net income that was halved to 663 million dollars, meaning EPS of 2.
53 dollars, which however outstripped the consensus by almost a dollar.
The Memphis-based logistics and courier group saw its adjusted operating margin fall by 4.4 points to 5.2%, while revenues declined by over 2% to 17.4 billion dollars.
Company boss Frederick Smith said that the company's performance had been badly hit by the Covid-19 pandemic and did not provide any forecasts for FexEx's 2020-21 results, given uncertainties around an economic recovery.
Note that the share is up almost 10% in pre-market trading on Tuesday.
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