FedEx Delivers Mixed Q1 Results: Lowers Revenue Outlook, Increases Earnings Guidance, Shares Spring Higher
Portfolio Pulse from Adam Eckert
FedEx Corp reported Q1 revenue of $21.7 billion, missing the consensus estimate of $21.81 billion, but beat earnings estimates with $4.55 per share. The results were driven by the DRIVE program and focus on revenue quality, offset by ongoing demand weakness. FedEx lowered its full-year revenue guidance but raised its earnings outlook. The company also plans to repurchase an additional $1.5 billion of its common stock during fiscal 2024. FedEx shares were up 4.89% after hours.
September 20, 2023 | 8:17 pm
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FedEx reported mixed Q1 results, missing revenue estimates but beating earnings expectations. The company lowered its full-year revenue guidance but raised its earnings outlook. It also plans to repurchase $1.5 billion of its stock in 2024. FedEx shares were up 4.89% after hours.
The mixed Q1 results, with missed revenue estimates but exceeded earnings expectations, may create uncertainty among investors. However, the raised earnings outlook and planned stock repurchase indicate a positive future outlook, which likely contributed to the after-hours increase in FedEx's share price.
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