© Reuters.
Investing.com — FedEx reported Wednesday mixed fiscal first-quarter as revenue missed Wall Street estimates. The shipping company also delivered a mixed outlook on guidance after lifting its annual earnings guidance, but cutting its revenue forecasts.
FedEx Corporation (NYSE:) shares rose 5% following the report.
FedEx adjusted EPS of $4.55 on revenue of $21.7 billion. Analysts polled by Investing.com anticipated EPS of $3.7 on revenue of $21.73B.
The beat on the bottom line was underpinned by cost cuts that improved operating results, though that was partially offset by ongoing demand weakness, the company said.
In fiscal 2024, the company delivered mixed guidance, upgrading its earnings outlook, but revised revenue lower amid ongoing demand challenges.
The company now expects EPS in a range of $17 to $18.50, up from a the prior forecast of $16.50 to $18.50, but revenue growth is expected to come in flat year over year, compared with the prior forecast of flat to low-single-digit-percent growth.
FedEx also said it expects to buyback an additional $1.5 billion stock during fiscal 2024.
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