The good news for FDX stock starts with its adjusted EPS of $6.87. That’s a major win over the $5.20 per share that Wall Street had expected for the period. It’s also a strong increase from the $5.01 reported during the same time last year.
Another highlight from the FedEx earnings report is revenue of $24.4 billion. Yet again, that trumps the $23.62 billion that analysts were looking for during the quarter. It’s also an increase over the $22.6 billion reported during the same period of the prior year.
FedEx also included an outlook for fiscal 2023 in the report. The company notes that it can’t properly estimate mark-to-market (MTM) retirement plans accounting adjustments for the year. Not including that cost, it expects adjusted EPS to range from $22.50 to $24.50. For comparison, Wall Street estimates an adjusted EPS of $22.39 for 2023.
President and CEO Raj Subramaniam said the following in the earnings report:
“Our foundational investments have set the stage for a strong fiscal 2023. As we move forward, our focus will be on revenue quality and lowering our cost to serve. I am honored to lead our dedicated global team who enable FedEx to lead the industry from a position of strength.”
FDX stock is seeing heavy trading with today’s news. This has some 2.7 million shares moving as of this writing, compared to the stock’s daily average trading volume of about 2.5 million shares.
FDX stock is up 8.8% as of Friday morning.
There’s more recent stock market news worth checking out below!
InvestorPlace offers up all the latest stock news traders need to know about! That includes Polestar (NASDAQ:PSNY) merger details, Zendesk (NYSE:ZEN) acquisition news and this morning’s biggest pre-market stock movers. You can learn more on these matters at the links below!
More Friday Stock Market News
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.