FedEx raises full-year earnings forecast after cost cuts, shares soar

FedEx raises fiscal 2023 profit forecast due to cost-cutting measures and reports Q3 adjusted profit of $865 million, beating analysts' average estimate.

March 17, 2023 . 9:23 AM

1 min read

FedEx raises fiscal 2023 profit forecast due to cost-cutting measures, despite weak market conditions.
The company plans to shave $3.7 billion in costs from its global delivery business.
Q3 adjusted profit came in at $865 million, or $3.41 per share, beating analysts' average estimate.
Revenue fell 6%, but expense reductions helped it reap more revenue per delivered package.
Executives plan to park additional aircraft in Q4 to counter falling air freight prices.