FedEx reports revenue of $23.2B in Q1

Thursday, 22. September 2022 20:38

FedEx Corp. said on Thursday its revenue in the first quarter of fiscal 2023 amounted to $23.2B, rising 5% compared to the same period a year earlier but coming in slightly below analysts' estimates.

GAAP diluted earnings per share slid 19% year on year to $3.33 and GAAP net income was $1.2 billion. GAAP operating income dropped 15% to $1.19 billion in the three-month period on an annual basis. Adjusted EPS topped estimates, landing at $3.44.

"We’re moving with speed and agility to navigate a difficult operating environment, pulling cost, commercial, and capacity levers to adjust to the impacts of reduced demand," CEO Raj Subramaniam stated.

FedEx shares rose 2.13% to $156.47 at 2:24 pm ET following the earnings announcement that was released a couple of hours earlier than expected.

Related Links: FedEx Corporation
Author:
Baha Breaking News (BBN) / NP