FedEx Beats Bottom Line Estimates, Offers Weak Guide Into 2023

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FedEx Beats Bottom Line Estimates, Offers Weak Guide Into 2023

Seeking Alpha2022-12-21

FedEx Corporation (NYSE:FDX) stock traded in a volatile manner after hours on Tuesday after notching a surprise beat on the bottom line for Q2, but offering light full-year forecasts.The Memphis-based...

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Jianbin
·2022-12-21
Ok thanks
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HAN8
·2022-12-21
Good morning
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- ElvisLHS:
  liked liao
  2022-12-21
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TaiWoeiHaur
·2022-12-21
Good morning
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The analyst consensus expectations stood at $2.83 and $23.72B, respectively. Lower global volumes for the Express business was cited as a particular headwind for the company, offsetting some of the cost-saving initiatives pursued by the company.“The FedEx team moved with urgency to make rapid progress on our ongoing transformation while navigating a weaker demand environment,” CEO Raj Subramaniam said. “Our earnings exceeded our expectations in the second quarter driven by the execution and acceleration of our aggressive cost reduction plans.”The company expects to garner $1B in cost savings beyond its September forecast, now totaling $3.7B in savings as compared to its initial fiscal 2023 business plan. 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