FedEx (NYSE:FDX) shares surged after the bell Thursday as the company’s fiscal third-quarter earnings blew past Street expectations and its full-year guidance improved.
Adjusted net income for the period ended February 28 was $865 million, or $3.41 per share. That’s down from $4.59 per share in the same quarter a year earlier but well ahead of analysts’ expectations of $2.73. Revenue was $22.2 billion, down from $23.6 billion and compared to expectations of $22.7 billion.
FedEx (NYSE:FDX) stock jumped nearly 9% to $222.04 after the bell after gaining more than 4% during the Thursday session.
The shipping company acknowledged that its third-quarter results were “negatively affected by continued demand weakness,” but that didn’t stop it from boosting its future guidance.
FedEx now projects full-year diluted EPS of $13.80 to $14.40, up from its prior forecast of $12.50 to $13.50.
“We are building momentum through our cost and efficiency initiatives to improve profitability,” chief financial officer Michael Lenz said. “Our improved earnings outlook demonstrates confidence in our ability to execute while managing the continued global volume softness we are experiencing across the business.”
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