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FedEx (FDX) Shares Rally on Q4 Earnings & Revenues Beat
Despite coronavirus-related woes, FedEx Corporation FDX reported better-than-expected results for fourth-quarter fiscal 2020 (ended May 31), thanks to higher Ground revenues owing to surge in residential delivery volumes. Following this outperformance, shares of the company gained 9.1% in after-hours trading on Jun 30.
FedEx’s earnings (excluding $3.8 from non-recurring items) of $2.53 per share surpassed the Zacks Consensus Estimate of $1.42. However, the bottom line plunged approximately 50% year over year. Results were affected by coronavirus-led low volumes due to large-scale business closures, higher costs at the Ground unit due to expanded service offerings, as well as loss of business with Amazon AMZN.
Although quarterly revenues of $17,358 million beat the Zacks Consensus Estimate of $16,116.8 million, the same dipped 2.5% year over year. Operating income (on an adjusted basis) plunged 47.3% year over year to $907 million in the reported quarter due to sluggish global economy and elevated costs. Operating margin (adjusted) also deteriorated to 5.2% from 9.6% in the year-ago period.
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https://finance.yahoo.com/news/fedex-fdx...11445.html
![[Bild: FDXc1dl0651.png]](https://finviz.com/publish/070220/FDXc1dl0651.png)
Despite coronavirus-related woes, FedEx Corporation FDX reported better-than-expected results for fourth-quarter fiscal 2020 (ended May 31), thanks to higher Ground revenues owing to surge in residential delivery volumes. Following this outperformance, shares of the company gained 9.1% in after-hours trading on Jun 30.
FedEx’s earnings (excluding $3.8 from non-recurring items) of $2.53 per share surpassed the Zacks Consensus Estimate of $1.42. However, the bottom line plunged approximately 50% year over year. Results were affected by coronavirus-led low volumes due to large-scale business closures, higher costs at the Ground unit due to expanded service offerings, as well as loss of business with Amazon AMZN.
Although quarterly revenues of $17,358 million beat the Zacks Consensus Estimate of $16,116.8 million, the same dipped 2.5% year over year. Operating income (on an adjusted basis) plunged 47.3% year over year to $907 million in the reported quarter due to sluggish global economy and elevated costs. Operating margin (adjusted) also deteriorated to 5.2% from 9.6% in the year-ago period.
...
https://finance.yahoo.com/news/fedex-fdx...11445.html
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