Reported 9 months ago
On June 25th, FedEx, the U.S. delivery giant, announced better-than-expected quarterly earnings, cost-cutting success, and a $25 billion stock buyback plan, propelling its stock price to a 3-year high. The company reported a revenue growth of 0.9% to $22.1 billion for the fourth quarter of the 2024 fiscal year, overcoming six consecutive quarters of decline. Despite a 4.5% year-on-year decrease in net profit, FedEx's adjusted earnings per share of $5.41 surpassed analysts' expectations. CEO Raj Subramaniam expressed confidence in the company's growth momentum, with projected revenue and earnings for the next fiscal year exceeding market estimates, driven by the growth in e-commerce. FedEx aims to continue its cost reduction efforts and strengthen its global delivery network.
Source: YAHOO