Update News: FedEx Stock Surges as Earnings Improve due to Cost-Cutting Efforts

FedEx Stock Surges as Earnings Improve due to Cost-Cutting Efforts

FedEx (FDX) shares surged on Friday after reporting quarterly earnings that exceeded analysts' expectations.

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The logistics company posted adjusted net income of $966 million and diluted earnings per share (EPS) of $3.86 for Q3 2024, higher than the year-earlier quarter and ahead of estimates by Visible Alpha.

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Revenue fell to $21.7 billion from $22.2 billion in the previous quarter, a decline year-over-year due to the pandemic's high demand for services.

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FedEx reduced its planned capital spending for full-year fiscal 2024 to $5.4 billion, with permanent cost reductions related to the DRIVE program of $1.8 billion in 2024.

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FedEx narrowed its guidance for full-year adjusted EPS to $17.25 to $18.25, forecasting a low-single-digit decline in full-year revenue compared to fiscal 2023.

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The company's board approved a new $5 billion stock buyback program after repurchasing $1 billion of its own stock in Q3.

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FedEx Stock Surges as Earnings Improve due to Cost-Cutting Efforts

FedEx Stock Surges as Earnings Improve due to Cost-Cutting Efforts

FedEx (FDX) shares surged on Friday after reporting quarterly earnings that exceeded analysts' expectations.

FedEx (FDX) shares surged on Friday after reporting quarterly earnings that exceeded analysts' expectations.

The logistics company posted adjusted net income of $966 million and diluted earnings per share (EPS) of $3.86 for Q3 2024, higher than the year-earlier quarter and ahead of estimates by Visible Alpha.

The logistics company posted adjusted net income of $966 million and diluted earnings per share (EPS) of $3.86 for Q3 2024, higher than the year-earlier quarter and ahead of estimates by Visible Alpha.

Revenue fell to $21.7 billion from $22.2 billion in the previous quarter, a decline year-over-year due to the pandemic's high demand for services.

Revenue fell to $21.7 billion from $22.2 billion in the previous quarter, a decline year-over-year due to the pandemic's high demand for services.

FedEx reduced its planned capital spending for full-year fiscal 2024 to $5.4 billion, with permanent cost reductions related to the DRIVE program of $1.8 billion in 2024.

FedEx reduced its planned capital spending for full-year fiscal 2024 to $5.4 billion, with permanent cost reductions related to the DRIVE program of $1.8 billion in 2024.

FedEx narrowed its guidance for full-year adjusted EPS to $17.25 to $18.25, forecasting a low-single-digit decline in full-year revenue compared to fiscal 2023.

FedEx narrowed its guidance for full-year adjusted EPS to $17.25 to $18.25, forecasting a low-single-digit decline in full-year revenue compared to fiscal 2023.

The company's board approved a new $5 billion stock buyback program after repurchasing $1 billion of its own stock in Q3.

The company's board approved a new $5 billion stock buyback program after repurchasing $1 billion of its own stock in Q3.

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