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FedEx (FDX) Reports Q2 Earnings: What Key Metrics Have to Say
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For the quarter ended November 2023, FedEx (FDX - Free Report) reported revenue of $22.17 billion, down 2.8% over the same period last year. EPS came in at $3.99, compared to $3.18 in the year-ago quarter.
The reported revenue represents a surprise of -0.73% over the Zacks Consensus Estimate of $22.33 billion. With the consensus EPS estimate being $4.14, the EPS surprise was -3.62%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how FedEx performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average daily package volume - FedEx Express - Package - Total U.S Domestic Package: 2,685 thousand compared to the 2,706.57 thousand average estimate based on four analysts.
Revenue per freight pound - Fed Ex Express - Freight - U.S. $1.63 versus $1.72 estimated by four analysts on average.
Average daily package volume - FedEx Express - Package - Total International Export Package: 1,046 thousand compared to the 1,041.79 thousand average estimate based on four analysts.
Revenue per package - FedEx Express - Package - U.S. domestic composite Yield: $22.55 versus $23 estimated by four analysts on average.
Revenues- Other and Eliminations: $847 million compared to the $940.98 million average estimate based on six analysts. The reported number represents a change of -18.2% year over year.
Revenues- FedEx Services: $65 million compared to the $72.29 million average estimate based on six analysts. The reported number represents a change of -4.4% year over year.
Revenues- FedEx Express: $10.25 billion compared to the $10.37 billion average estimate based on six analysts. The reported number represents a change of -5.6% year over year.
Revenues- FedEx Ground: $8.64 billion versus the six-analyst average estimate of $8.71 billion. The reported number represents a year-over-year change of +2.9%.
Revenues- FedEx Freight: $2.36 billion compared to the $2.28 billion average estimate based on six analysts. The reported number represents a change of -3.8% year over year.
Revenues- FedEx Express- Freight- U.S: $584 million versus the five-analyst average estimate of $617.60 million. The reported number represents a year-over-year change of -25.5%.
Revenues- FedEx Express- Package- U.S. overnight envelope: $447 million versus the five-analyst average estimate of $476.90 million. The reported number represents a year-over-year change of -5.7%.
Revenues- FedEx Express- Package- U.S. overnight box: $2.16 billion versus $2.25 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -3.5% change.
Shares of FedEx have returned +10.3% over the past month versus the Zacks S&P 500 composite's +5.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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FedEx (FDX) Reports Q2 Earnings: What Key Metrics Have to Say
For the quarter ended November 2023, FedEx (FDX - Free Report) reported revenue of $22.17 billion, down 2.8% over the same period last year. EPS came in at $3.99, compared to $3.18 in the year-ago quarter.
The reported revenue represents a surprise of -0.73% over the Zacks Consensus Estimate of $22.33 billion. With the consensus EPS estimate being $4.14, the EPS surprise was -3.62%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how FedEx performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Average daily package volume - FedEx Express - Package - Total U.S Domestic Package: 2,685 thousand compared to the 2,706.57 thousand average estimate based on four analysts.
- Revenue per freight pound - Fed Ex Express - Freight - U.S. $1.63 versus $1.72 estimated by four analysts on average.
- Average daily package volume - FedEx Express - Package - Total International Export Package: 1,046 thousand compared to the 1,041.79 thousand average estimate based on four analysts.
- Revenue per package - FedEx Express - Package - U.S. domestic composite Yield: $22.55 versus $23 estimated by four analysts on average.
- Revenues- Other and Eliminations: $847 million compared to the $940.98 million average estimate based on six analysts. The reported number represents a change of -18.2% year over year.
- Revenues- FedEx Services: $65 million compared to the $72.29 million average estimate based on six analysts. The reported number represents a change of -4.4% year over year.
- Revenues- FedEx Express: $10.25 billion compared to the $10.37 billion average estimate based on six analysts. The reported number represents a change of -5.6% year over year.
- Revenues- FedEx Ground: $8.64 billion versus the six-analyst average estimate of $8.71 billion. The reported number represents a year-over-year change of +2.9%.
- Revenues- FedEx Freight: $2.36 billion compared to the $2.28 billion average estimate based on six analysts. The reported number represents a change of -3.8% year over year.
- Revenues- FedEx Express- Freight- U.S: $584 million versus the five-analyst average estimate of $617.60 million. The reported number represents a year-over-year change of -25.5%.
- Revenues- FedEx Express- Package- U.S. overnight envelope: $447 million versus the five-analyst average estimate of $476.90 million. The reported number represents a year-over-year change of -5.7%.
- Revenues- FedEx Express- Package- U.S. overnight box: $2.16 billion versus $2.25 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -3.5% change.
View all Key Company Metrics for FedEx here>>>Shares of FedEx have returned +10.3% over the past month versus the Zacks S&P 500 composite's +5.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.