FedEx Shares Rise After Fiscal-Year Guidance Ahead of Views
24 Junho 2022 - 4:12PM
Dow Jones News
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
June 24, 2022 14:57 ET (18:57 GMT)
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