FedEx: Fiscal Q1 Earnings Snapshot

September 22, 2022 GMT

MEMPHIS, Tenn. (AP) _ FedEx Corp. (FDX) on Thursday reported fiscal first-quarter profit of $875 million.

On a per-share basis, the Memphis, Tennessee-based company said it had net income of $3.33. Earnings, adjusted for non-recurring costs, were $3.44 per share.

The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $3.69 per share.

The package delivery company posted revenue of $23.2 billion in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $23.21 billion.

For the current quarter ending in November, FedEx expects its per-share earnings to be $2.65. Analysts surveyed by Zacks had forecast adjusted earnings per share of $4.02.

The company said it expects revenue in the range of $23.5 billion to $24 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $24.2 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FDX at https://www.zacks.com/ap/FDX