Published on 22 Mar 2024 on Benzinga via Yahoo Finance
FedEx Confidently Delivered An Earnings Growth Surprise Owed To Structural Cost Cuts
On Thursday, FedEx Corporation (NYSE: FDX) surprised Wall Street withby surpasing earnings estimates for its fiscal 2024 third quarter, while revenue came short of estimates. Amid a backdrop shaped by macroeconomic uncertainty, FedEx also narrowed its full fiscal year earnings outlook but the midpoint stayed the same as cost cuts are expected to offset a decline from lowered demand of its largest customer, the, U.S. Postal Service, who shifted away from high-margin air services in favor of lower-cost alternatives.
FY2024 third quarter highlights