Market Updates
U.S. Movers: FedEX, Nike
Scott Peters
20 Dec, 2024
New York City
FedEx Corp. increased 6.8% to $294.30 after the parcel delivery company reported its quarterly results and announced spinning off its freight business.
Revenue in the fiscal second quarter was flat at $21.96 billion from $22.16 billion; net income edged down to $741 million from $900 million, and diluted earnings per share eased to $3.03 from $3.55 a year ago.
The company repurchased 3.7 million of its own shares for $1 billion in the quarter, and about $3.1 billion remained available under the current stock repurchase program.
FedEx said it plans to separate its freight business as a publicly listed company and complete the transaction over the next 18 months.
The parcel delivery company estimated fiscal 2025 revenue to be flat compared to the previous estimate of an increase in single-digit percentage.
The company estimated diluted earnings per share before the retirement plan-related adjustments. between $16.45 and $17.45, compared to the previous estimate between $19.0 and $20.0.
Nike Inc. declined 4.8% to $72.83 after the athletic shoemaker reported fiscal second quarter results.
Revenue in the fiscal second quarter ending in November decreased 8% to $12.4 billion from $13.4 billion, net income fell 26% to $1.2 billion from $1.6 billion, and diluted earnings per share eased to 78 cents from $1.03 a year earlier.
Nike's sales have been affected by the lack of new products and higher levels of discounting, which are also affecting gross margin.
The company estimated gross margin to decline between 3.0% and 3.5% in the holiday quarter.
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