FedEx Q3 Profit Misses Street View, Reaffirms FY Profit Outlook

(RTTNews) - Package delivery giant FedEx Corp. (FDX), Thursday reported a third-quarter profit that rose from last year, however, it failed to beat Wall Street analysts' estimates. Moving ahead, the company reaffirmed its full-year earnings outlook.

Memphis, Tennessee-based FedEx reported third-quarter profit of $1.11 billion or $4.20 per share, compared to last year's profit of $892 million or $3.30 per share.

Adjusted earnings for the quarter were $4.59 per share, compared to last year's $3.47 per share. On average, 23 analysts polled by Thomson Reuters expected earnings of $4.64 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter rose to $23.6 billion from $21.5 billion last year. Wall Street analysts had a consensus estimate of $23.44 billion.

"The continued execution of our strategies drove improved third quarter results," said CEO Frederick Smith. "I am proud of our team members around the world, who are constantly proving their resilience amidst a rapidly evolving global environment. FedEx is supporting our team members and others affected by the ongoing conflict in Ukraine as we hope to soon see a return to peace."

Looking forward to full year 2022, the company continues to expect adjusted earnings of $20.50 to $21.50 per share. Analysts currently expect earnings of $20.61 per share.

FDX closed Thursday's trading at $227.98, up $2.05 or 0.91%, on the NYSE. The stock, however, slipped $0.33 or 0.14%, in the after-hours trading.