Benzinga - FedEx Corp (NYSE: NYSE:FDX) shares are trading higher in Tuesday's after-hours session after the company reported mixed financial results.
What Happened: FedEx reported fiscal second-quarter revenue of $22.8 billion, which missed average analyst estimates of $23.74 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of $3.18 per share, which beat estimates of $2.83 per share.
FedEx said its second-quarter results were constrained by continued demand weakness, particularly at FedEx Express.
"The FedEx team moved with urgency to make rapid progress on our ongoing transformation while navigating a weaker demand environment. Our earnings exceeded our expectations in the second quarter driven by the execution and acceleration of our aggressive cost reduction plans," said Raj Subramaniam, president and CEO of FedEx.
FedEx is prioritizing actions to quickly reduce costs in order to align fiscal 2023 costs with weaker-than-expected volumes.
FedEx said it expects full-year 2023 adjusted earnings to be between $13 and $14 per share versus estimates of $14.08 per share.
FDX Price Action: FedEx has a 52-week high of $266.79 and a 52-week low of $141.92.
The stock was up 3.2% at $169.65 at the time of publication, according to Benzinga Pro.
Photo: John R Perry from Pixabay.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.