FedEx FDX shares are trading higher after the company issued FY23 guidance above estimates, offsetting worse-than-expected fourth quarter sales results.
FedEx reported quarterly earnings of $6.87 per share which met the analyst consensus estimate. The company reported quarterly sales of $24.40 billion which missed the analyst consensus estimate of $24.57 billion by 0.69%.
The company expects full year 2023 earnings per share to be between $22.50 and $24.50 versus the $22.41 estimate.
Raj Subramaniam, FedEx Corp. President and CEO, said "Our fiscal 2022 financial performance was a result of our team's ability to adapt to a number of unexpected challenges and is a testament to the FedEx value proposition and the execution of our long-term strategy, 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."
FedEx pioneered overnight delivery in 1973 and remains the world's largest express package provider.
The stock was trading about 7% higher at $242.83 per share on Friday at the time of publication.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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