Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries FedEx shares fall on quarterly revenue miss By: FOX Business June 21, 2023 at 05:23 AM EDT FedEx shares fell after the package delivery company's latest quarterly results showed that revenue dropped for a third straight quarter. FedEx reported its third straight quarterly revenue drop as demand has weakened following the pandemic boom.Shares of the package delivery company are 3% lower in pre-market trading.The company is looking to cut costs by reducing flights and grounding more aircraft.Another move the company is making is combining its Express and Ground delivery networks into one business.FEDEX PILOTS UNION REACHES TENTATIVE CONTRACT DEALIt's a move the company hopes will cut around $4 billion in costs over the next two years, according to the Wall Street Journal.For the quarter, FedEx reported a profit of $1.54 billion, or $6.05 a share, compared with a profit of $558 million, or $2.13 a share, in the same period a year earlier.On an adjusted basis, the company reported per-share earnings of $4.94, beating analyst estimates.FEDEX TO OUTLINE COST REDUCTION PLANS FOR FISCAL 2024, 2025Sales fell 10% to $21.93 billion in the quarter, missing expectations for $22.55 billion.Looking ahead, FedEx is projecting low single-digit revenue growth and per-share earnings between $16.50 and $18.50 on an adjusted basis. Analysts polled by FactSet expected FedEx to give guidance of $18.33 a share.CLICK HERE TO GET THE FOX BUSINESS APPShares have gained more than 30% this year. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
FedEx shares fall on quarterly revenue miss By: FOX Business June 21, 2023 at 05:23 AM EDT FedEx shares fell after the package delivery company's latest quarterly results showed that revenue dropped for a third straight quarter. FedEx reported its third straight quarterly revenue drop as demand has weakened following the pandemic boom.Shares of the package delivery company are 3% lower in pre-market trading.The company is looking to cut costs by reducing flights and grounding more aircraft.Another move the company is making is combining its Express and Ground delivery networks into one business.FEDEX PILOTS UNION REACHES TENTATIVE CONTRACT DEALIt's a move the company hopes will cut around $4 billion in costs over the next two years, according to the Wall Street Journal.For the quarter, FedEx reported a profit of $1.54 billion, or $6.05 a share, compared with a profit of $558 million, or $2.13 a share, in the same period a year earlier.On an adjusted basis, the company reported per-share earnings of $4.94, beating analyst estimates.FEDEX TO OUTLINE COST REDUCTION PLANS FOR FISCAL 2024, 2025Sales fell 10% to $21.93 billion in the quarter, missing expectations for $22.55 billion.Looking ahead, FedEx is projecting low single-digit revenue growth and per-share earnings between $16.50 and $18.50 on an adjusted basis. Analysts polled by FactSet expected FedEx to give guidance of $18.33 a share.CLICK HERE TO GET THE FOX BUSINESS APPShares have gained more than 30% this year.