Fedex Corp Up 8.96% To $284.88 After Earnings Beat

Fedex Corp (FDX) said after close Thursday that it earned $3.86 per share in quarter three 2024. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $21.7 billion, missing estimates by $340 million.

In the same quarter a year ago, the company earned $3.41 per share on revenue of $22.2 billion.

The stock is up 8.96% to $284.88 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Fedex Corp a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 56. Meanwhile, the average Wall Street analyst rated the stock a Buy.

FedEx pioneered overnight delivery in 1973 and remains the world's largest express package provider. In its fiscal 2020 (ended May 2020), FedEx derived 51% of revenue from its express division, 33% from ground, and 10% from freight, its asset-based less-than-truckload shipping segment. The remainder comes from other services, including FedEx Office, which provides document production/shipping, and FedEx Logistics, which provides global forwarding. FedEx acquired Dutch parcel delivery firm TNT Express in 2016. TNT was previously the fourth- largest global parcel delivery provider.