FedEx Corporation (NYSE: FDX) stock surged in pre-market trading Wednesday after the company posted better-than-expected fourth-quarter earnings.
FedEx (NYSE: FDX) reported impressive financial results for the fiscal fourth quarter of 2024, with revenue reaching $22.1 billion—up from the same period last year and above analysts’ expectations, according to estimates compiled by Visible Alpha.
Net income for the quarter came in at $1.47 billion, or $5.94 per diluted share, down from $1.54 billion, or $6.05 per share, in the year-ago period. However, this figure exceeded analysts’ estimates. Adjusted earnings, excluding one-time items, increased nearly 10% to $5.41 per share.
In the full fiscal year, FedEx generated revenue of $87.7 billion, which slightly decreased compared to fiscal 2023 but remained roughly in line with analysts’ estimates. Full-year net income came in at $4.33 billion, an increase from the previous year and above Street expectations.
CEO Forecasts Continued Momentum in Fiscal 2025
FedEx CEO Raj Subramaniam expressed optimism about the company’s future, highlighting the significant progress made in fiscal 2024. He said,
“We made significant progress in fiscal 2024 and ended the year strong, delivering four consecutive quarters of expanding operating income and margin in a challenging revenue environment”
Subramaniam attributed these results to the successful execution of the company’s DRIVE initiatives, aimed at driving profit by cutting costs, and the dedication to transforming FedEx while maintaining outstanding customer service.
He added that the company expects this positive momentum to continue into fiscal 2025, with plans to develop the world’s most flexible, efficient, and intelligent network.
For fiscal 2025, FedEx has guided for low-to-mid single-digit percent revenue growth.
FedEx Corporation (NYSE: FDX) Stock Price Action
As of 08:58 a.m. (Eastern Time) Wednesday, FDX stock traded at $292.01, marking a 13.90% increase compared to the previous trading session.
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