FedEx’s Profit Forecast, Freight Review Drive Stock Surge
- Earnings in fourth quarter surpass Wall Street’s estimates
- Courier has cut costs as part of sweeping business overhaul
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FedEx Corp. forecast profit above Wall Street’s expectations and said it would buy back $2.5 billion of its stock over the next year, lifting its shares on signs that a sweeping plan to reorganize and cut costs was taking hold.
Adjusted earnings in the 2025 fiscal year will be $20 to $22 a share, the company said late Tuesday in a statement that also detailed results for fourth quarter. The midpoint topped the $20.85 average of analysts’ estimates compiled by Bloomberg. Revenue will grow in the low-to-mid single-digit percentage for the period.