FedEx (FDX - Free Report) just released its third-quarter financial results, posting adjusted earnings of $3.72 per share and revenues of $16.5 billion.
Currently, FedEx is a Zacks Rank #3 (Hold) and is up over 3.5% to $261 per share in after-hours trading shortly after its earnings report was released.
Beat earnings estimates. The company posted adjusted earnings of $3.72 per share, beating the Zacks Consensus Estimate of $3.08 per share.
Beat revenue estimates. The company saw revenue figures of $16.5 billion, topping our consensus estimate of $16.18 billion.
FedEx’s revenues jumped from $15 billion in the year-ago period. The shipping giant also noted that its quarterly consolidated earnings were adjusted to exclude the benefit of an estimated $1.15 billion reduction in the company’s “net U.S. deferred tax liability” based on the new Republican Tax law.
“We are increasing our fiscal 2018 earnings outlook due to foreign tax benefits from our international corporate structure, the benefits from U.S. tax reform and improved operating performance,” CFO Alan Graf said in a statement.
“We remain committed to improving operating income at the FedEx Express segment by $1.2 to $1.5 billion in fiscal 2020 versus fiscal 2017.”
Here’s a graph that looks at FDX’s Price, Consensus and EPS Surprise history:
FedEx Corporation (FDX - Free Report) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. The company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand.
Check back later for our full analysis on FDX’s earnings report!
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