FedEx Q4 Profit Rises; CFO Mike Lenz To Retire

(RTTNews) - FedEx Corporation (FDX) Tuesday reported earnings for the fourth quarter that surged from last year and beat the Street estimates. The company also announced Chief Financial Officer Mike Lenz plans to retire.

The company's earnings totaled $1.54 billion or $6.05 per share. This compares with $558 million or $2.13 per share in last year's quarter.

Excluding items, FedEx Corporation reported adjusted earnings of $1.25 billion or $4.94 per share for the period. Analysts on average had expected the company to earn $4.89 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter was $21.93 billion from $24.39 billion last year. Analysts had a consensus revenue estimate of $22.67 billion for the quarter.

Looking forward to the full year 2024, the company expects adjusted earnings of $16.50 to $18.50 per share. Analysts currenlty estimate earnings of $18.36 per share.

Separately, FedEx announced today that Michael Lenz will retire as Executive Vice President and Chief Financial Officer effective July 31, 2023. An external search is underway for his successor. Lenz will serve as a Senior Advisor at FedEx until Dec. 31, 2023, to help ensure a smooth transition.

Lenz was named CFO in March 2020 and helped lead the company through the global pandemic. His leadership also helped lay the groundwork for the upcoming consolidation of the company's core operating companies into one FedEx.