economy
FedEx posts strong earnings results in last quarter with freight business
FedEx posted strong fiscal fourth quarter earnings on Tuesday in the company's last quarter that included the freight business before its spin-off.
TL;DR
- FedEx reported earnings per share of $6.31 adjusted, exceeding the expected $5.96.
- Revenue reached $25.01 billion, surpassing the anticipated $24.04 billion.
- The fiscal fourth quarter was the last to include the company's freight business before its spin-off.
- FedEx Freight paid a cash dividend of approximately $4.1 billion to FedEx Corporation during the spin-off.
- The company expects 11% year-over-year revenue growth and adjusted diluted earnings per share between $16.90 and $18.10 for the full year.
- FedEx will change its fiscal year end from May 31 to December 31, effective earlier this month.
- Fuel costs increased by 66% year-over-year, but FedEx has not observed an impact on demand.
- U.S. pricing saw a 10% rise.