FedEx Profit Tops Estimates as Higher Prices Offset Decline in Shipments
- Management increases estimate of savings by $1 billion
- Company now targets expense cuts of $3.7 billion in 2023
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FedEx Corp. reported fiscal second-quarter earnings that beat analysts’ estimates, lifted by price increases and cost cuts that helped make up for a decline in package volume.
Shares of the delivery giant rose after the company announced an additional $1 billion of projected savings in fiscal 2023, bringing the total to about $3.7 billion.