FedEx Corporation (NYSE: FDX) Delivers Strong Q4 Earnings Outlook

FedEx Corporation  (NYSE: FDX) reported third fiscal quarter EPS (ex LTL restructuring charge) of $0.81 per share on Thursday, which was essentially in line with consensus of $0.82 per share and in line with its downside pre-report from early February. The Company posted fiscal third quarter earnings today of $231 million or $0.73 per share, down 3% from $239 million or $0.76 per share in last year's third quarter. This 3% fall year over year is due to rising fuel prices and harsh winter weather. Excluding $0.08 per share of Freight restructuring costs, adjusted earnings of $0.81 per share has been posted which is in line with the company’s lowered guidance of $0.70- 0.90 per share, 1 cent short of analyst expectations of $0.82 per share. Revenue grew 11%, to $9.66 billion from $8.70 billion the previous year, beating analysts' estimate of $9.60 billion. Results were constrained by severe weather and fuel which produced lost revenue and drove higher costs. The Company issued fiscal fourth quarter EPS guidance of $1.66-1.83 per share, above consensus of $1.66 per share. It also said its full-year earnings forecast is in a range of $4.83 to $5 per share, which is ahead of analyst forecasts at the high end. Deutsche Bank analysts cut their price target on FDX's shares from $136.00 to $133.00 & have a "buy" rating on the stock. Similarly, UBS AG analysts cut their price target on FDX's shares from $117.00 to $101.00 & have a "buy" rating on the stock. Raymond James analysts upgraded FDX's shares from a "market perform" rating to an "outperform" rating. Shares of the company jumped $1.39 or 1.58% to $89.28 after the company raised its fourth-quarter earnings estimates. The stock has 52 week range of $69.78-$98.52. Volume of 3.96 million shares has been traded compared to the daily average of 2.97 million shares. Currently the market capitalization of the stock stands at $28.13 billion with P/E of 21.54 and beta of 1.17. FedEx Corporation (FedEx) is a holding company. It provides a portfolio of transportation, e-commerce and business services under, the FedEx brand. It operates in four segments: FedEx Express, FedEx Ground, FedEx Ground and FedEx Services. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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