FedEx Sales Rise on Higher Rates and Volume -- Earnings Review
March 20 2018 - 5:17PM
Dow Jones News
By Imani Moise
FedEx Corp. reported third-quarter earnings after the closing
bell Tuesday. Here's what you need to know:
EARNINGS: The Memphis, Tenn.-based package-delivery company
reported adjusted earnings of $3.72 per share up from $2.30 a year
earlier. Analysts polled by Thomson Reuters had forecast earnings
of $3.11 a share.
REVENUE: Revenue jumped 10% to $16.5 billion, helped by higher
base rates and higher volume. Consensus was $16.15 billion in
sales.
OUTLOOK: The company also raised its guidance for the year to
reflect tax benefits and improved performance. The company now
expects adjusted earnings of $15 to $15.40 a share, compared with
the $13.61 a share forecast by analysts.
TAX WATCH: The company reported a $1.15 billion benefit related
to the recent tax overhaul. On an as-reported basis the company tax
changes boosted earnings by $4.21 a share.
STOCK MOVE: Shares rose 3.6% to $261 in extended trading, adding
to the 1% gain logged during Tuesday trading. The stock risen 31%
over the past year while the S&P 500 has risen 14%.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
March 20, 2018 17:02 ET (21:02 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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