Posted 3/22/2024, 1:40:45 PM
FedEx Beats Q3 Profit Estimates Despite Revenue Miss, Announces $5B Buyback
- FedEx beat profit estimates for Q3; CEO touted improved profitability despite "difficult demand environment"
- Company announced $5B share repurchase program
- Slight revenue miss but adjusted EPS beat expectations at $3.86
- Cost-cutting plan has contributed to progress; targeting nearly $2B in cost cuts by end of fiscal year
- Margins improved, helping investment case, but volumes were softer than expected in ground business