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FedEx cuts full-year guidance after big fiscal Q1 earnings miss

AuthorYasin Ebrahim
Published 20/09/2024, 07:04 am
© Reuters.
FDX
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Investing.com -- FedEx cut its full-year guidance Thursday after reporting fiscal Q1 earnings that fell well short of Wall Street expectations amid weakness in its key Federal Express business.  

FedEx Corporation (NYSE:FDX) fell 9% in aftermarket hours following the report.

FedEx reported adjusted earnings of $3.60 per diluted share on revenue of $21.6 billion. Analysts polled by Capital IQ anticipated EPS of $4.86 on revenue of $21.96B.

Federal Express, a key segment, saw margins fall to 5.2% in Q1 from 7.1% a year earlier.

For fiscal 2025, the company narrowed its guidance on adjusted EPS in the range of $20.00 to $21.00, down from $20.00 to $22.00 previously. Revenue growth for the year was now expected to come in at low single-digit percentage year over year, compared with the prior forecast of a low-to-mid single digit percentage increase.

FedEx said it expects to buy back an additional $1.5B of stock during fiscal 2025, for a buyback total of $2.5B.

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