Breaking News
Dec 20, 2023
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FedEx dropped 11.1% to $248.85 after the parcel delivery company reported mixed quarterly results and an estimated annual revenue outlook that fell short of investors' expectations.
Revenue in the fiscal second quarter ending in November decreased to $22.2 billion from $22.8 billion. Net income edged up to $900 million from $788 million, and diluted earnings per share rose to $3.55 from $3.07 a year ago.
The company estimated full-year revenue to decline by a "low-single-digit" percentage compared to the prior estimate of flat revenue growth.
The company estimated full-year diluted earnings per share to range between $15.35 and $16.85 before mark-to-market retirement plans accounting adjustment and between $17.0 and $18.50 excluding costs related to business optimization initiatives.
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