FedEx Corp. (NYSE: FDX) released its fiscal third-quarter financial results before the markets opened on Wednesday. The company said that it had $3.72 in earnings per share (EPS) on $16.52 billion in revenue, compared with consensus estimates that called for $3.11 in EPS on revenue of $16.16 billion. The same period of last year reportedly had EPS of $2.30 and $15.0 billion in revenue.
In terms of its segments the firm reported:
- FedEx Express Segment has revenues of $9.37 billion.
- FedEx Ground Segment reported revenues of $5.22 billion.
- FedEx Freight Segment has $1.65 billion in revenue.
Looking ahead to the coming fiscal year, the company expects to see EPS in the range of $15.00 to $15.40. The consensus estimates call for $13.61 in EPS on $64.62 billion in revenue for the fiscal full year.
Frederick W. Smith, FedEx board chair and chief executive, commented:
Execution of our long-term growth strategies, customer demand for the unique value of our broad portfolio of solutions and healthy growth in the global economy are driving our performance. We expect strong operating performance in each of our transportation segments in the fourth quarter.
Alan B. Graf Jr., FedEx executive vice president and chief financial officer added:
We are increasing our fiscal 2018 earnings outlook due to foreign tax benefits from our international corporate structure, the benefits from U.S. tax reform and improved operating performance. We remain committed to improving operating income at the FedEx Express segment by $1.2 to $1.5 billion in fiscal 2020 versus fiscal 2017.
Shares of FedEx closed up about 1% on Tuesday at $251.99. In Wednesday’s premarket, the stock traded at $251.15, in a 52-week range of $182.89 to $274.66. The consensus analyst price target is $285.00.