Fedex: forecasts raised despite weak demand
(CercleFinance.com) - FedEx last night reported better-than-expected Q3 results and raised its earnings forecasts for the year, due to the success of "Drive", its cost-cutting program.
In Q3 2022/2023, which ended in February, the courier group posted net income of 771 million dollars, or $3.05 per share, compared with 1.11 billion dollars ($4.20 per share) a year ago.
Q3 revenue fell to 22.2 billion dollars from 23.6 billion dollars in the same period last year.
The Memphis-based company said that its results were affected by the continued weakness in demand, particularly for its FedEx Express rapid delivery service, but also the impact of global inflation.
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In Q3 2022/2023, which ended in February, the courier group posted net income of 771 million dollars, or $3.05 per share, compared with 1.11 billion dollars ($4.20 per share) a year ago.
Q3 revenue fell to 22.2 billion dollars from 23.6 billion dollars in the same period last year.
The Memphis-based company said that its results were affected by the continued weakness in demand, particularly for its FedEx Express rapid delivery service, but also the impact of global inflation.
Copyright (c) 2023 CercleFinance.com. All rights reserved.