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Reuters — Business — FedEx profits — Logistics — Cost-cutting — E-commerce

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.

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.
FedEx raises full-year earnings forecast after cost cuts, shares soar
FedEx Corp on Thursday raised its fiscal 2023 profit forecast despite weak market conditions, citing progress on its plan to shave $3.7 billion in costs from its global delivery business, sending its shares up more than 11%.
Reuters

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