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FEDEX CORPORATION

(FDX)
  Report
Delayed Nyse  -  04:00 2022-09-23 pm EDT
149.33 USD   -3.37%
09/23TRENDING : FedEx Corp. to Raise Shipping Rates
DJ
09/23FEDEX : Receives a Buy rating from UBS
MD
09/23FedEx Fiscal Q1 Adjusted EPS Drops, Sales Rise; Sets Out Multi-Billion Dollar Cost-Cutting Program; Shares Fall Friday
MT
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FedEx posts over 5% rise in quarterly revenue

09/22/2022 | 02:56pm EDT
FedEx stock tanks amid recession warning

(Reuters) - FedEx Corp's first-quarter revenue rose 5.45% to $23.2 billion from a year earlier, it said on Thursday, sending the company's shares up about 1.2%.

FedEx said it expects cost savings between $2.2 billion and 2.7 billion in fiscal 2023, amid weaking demand due to a weaker-than-expected business environment.

The cost savings will come from reducing flight frequencies at FedEx Express, suspending certain operations at FedEx Ground, among other measures, the company said.

The company had preannounced results for the first-quarter a week ago and pulled its forecast for the full year, citing a rapid deterioration in the global economy. It is now moving to cut capacity and costs that are eroding profits.

"We're moving with speed and agility to navigate a difficult operating environment, pulling cost, commercial, and capacity levers to adjust to the impacts of reduced demand," said Raj Subramaniam, FedEx's chief executive.

The company's quarterly net profit fell to $875 million, or $3.33 per share, from $1.11 billion, or $4.09 per share, a year earlier.

(Reporting by Nathan Gomes in Bengaluru; Editing by Shinjini Ganguli)


© Reuters 2022
All news about FEDEX CORPORATION
09/23TRENDING : FedEx Corp. to Raise Shipping Rates
DJ
09/23FEDEX : Receives a Buy rating from UBS
MD
09/23FedEx Fiscal Q1 Adjusted EPS Drops, Sales Rise; Sets Out Multi-Billion Dollar Cost-Cutt..
MT
09/23Goldman Sachs Adjusts FedEx Price Target to $215 From $250 Amid Weak Q1 Results, Mainta..
MT
09/23UBS Adjusts FedEx Price Target to $215 From $232, Maintains Buy Rating
MT
09/23Credit Suisse Lowers FedEx's PT to $236 from $246, Says Poor Execution, Significant Mac..
MT
09/23Deutsche Bank Adjusts FedEx Price Target to $190 From $320, Maintains Buy Rating
MT
09/23FEDEX : Receives a Buy rating from UBS
MD
09/23FEDEX : Credit Suisse gives a Buy rating
MD
09/23The gap between reality and fiction
MS
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Analyst Recommendations on FEDEX CORPORATION
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Financials (USD)
Sales 2023 95 887 M - -
Net income 2023 3 982 M - -
Net Debt 2023 16 015 M - -
P/E ratio 2023 9,99x
Yield 2023 3,08%
Capitalization 38 859 M 38 859 M -
EV / Sales 2023 0,57x
EV / Sales 2024 0,55x
Nbr of Employees 446 000
Free-Float 75,6%
Chart FEDEX CORPORATION
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Technical analysis trends FEDEX CORPORATION
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Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Last Close Price 149,33 $
Average target price 212,58 $
Spread / Average Target 42,4%
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
Susan C. Schwab Independent Director
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