FEDEX CORPORATION

(FDX)
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Real-time Estimate Cboe BZX  -  09:33 2022-08-15 am EDT
230.24 USD   -0.19%
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08/12FedEx Maintains Quarterly Dividend at $1.15 Per Share; Payable Oct. 3 to Shareholders of Record on Sept. 2
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FedEx Shares Rise After Fiscal-Year Guidance Ahead of Views

06/24/2022 | 02:58pm EDT

By Michael Dabaie


FedEx Corp. shares were up 7.1%, to $243, in Friday afternoon trading after quarterly revenue increased and earnings guidance came in ahead of analyst views.

"Revenue management actions drove our growth which was partially offset by lower shipment demand. FedEx Ground and FedEx Express generated year-over-year revenue growth of 4% and 6% respectively despite lower volume levels," Chief Customer Officer Brie Carere said on the transportation, e-commerce and business services company's earnings call.

After the bell Thursday, the company reported fourth-quarter revenue of $24.4 billion and adjusted earnings per share of $6.87. Both metrics were shy of FactSet consensus, but higher compared with the same period last year.

The company also guided for adjusted earnings per share for fiscal-year 2023 of $22.50 to $24.50, better than FactSet consensus for $22.21.

Chief Financial Officer Mike Lenz on the call said "we enter fiscal 2023 with a strong foundation for driving improved profitability and returns. We are mindful of the uncertainty across many fronts, including the pace of global economic activity, inflation, energy prices, additional pandemic developments and further geopolitical risk. We are actively adjusting to these changing circumstances."

"We anticipate consumers will keep spending and their spending will continue tilting towards services from goods. We expect more consumers to return to stores. With this backdrop, we do expect pressure on B2C volumes," Ms. Carere said on the call.

"We remain focused on revenue quality as one of the key levers to help offset the ongoing macroeconomic pressures and driving improved margins going forward," Chief Executive Raj Subramaniam said on the call.

Oppenheimer analysts Scott Schneeberger and Daniel Hultberg in a note said that FedEx's improving business trends are anticipated to persist as the company remains focused on revenue management as labor shortage and cost issues normalize.

Patrick Tyler Brown and David Hicks, analysts at Raymond James, in a research note said "while FDX continues to lean into pricing and the environment remains relatively constructive as the company closed out FY2022, we believe FDX squarely remains a 'show me' story that will largely be driven by an improvement in its Ground segment & improving [free cash flow] profile."


Write to Michael Dabaie at michael.dabaie@wsj.com


(END) Dow Jones Newswires

06-24-22 1457ET

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Analyst Recommendations on FEDEX CORPORATION
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Financials (USD)
Sales 2023 98 317 M - -
Net income 2023 5 686 M - -
Net Debt 2023 12 866 M - -
P/E ratio 2023 10,4x
Yield 2023 1,99%
Capitalization 59 955 M 59 955 M -
EV / Sales 2023 0,74x
EV / Sales 2024 0,70x
Nbr of Employees 446 000
Free-Float 75,5%
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Technical analysis trends FEDEX CORPORATION
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 30
Last Close Price 230,68 $
Average target price 289,59 $
Spread / Average Target 25,5%
EPS Revisions
Managers and Directors
Rajesh Subramaniam President, Chief Executive Officer & Director
Michael C. Lenz Chief Financial Officer & Executive Vice President
Frederick Wallace Smith Executive Chairman
Robert B. Carter Chief Information Officer & Executive VP
Shirley Ann Jackson Lead Independent Director
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