FedEx Q3: Impressive Margin Improvement, Revenue Growth Still Under Pressure [Seeking Alpha]
FedEx Corporation (FDX)
Last fedex corporation earnings: 3/17 04:03 pm
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US:NYSE Investor Relations:
fedex.com/us/investorrelations
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Source: Seeking Alpha
Weak volume growth is attributed to the weakening global trade and weak U.S. industrial production growth. FedEx's cost reduction efforts and yield improvement have been effective, but the company's growth prospects are still bearish. I expressed my bearish view on FedEx Corporation NYSE: FDX ) in my initiation article in January 2024, indicating the growth headwinds from the business shift from air to ground. FedEx released their Q3 FY24 result on March 21 after market close, delivering -2% revenue growth and 90bps margin expansion. They are reaffirming the midpoint of the full-year guidance. Although I am impressed with the margin improvement driven by their DRIVE initiative, I am still bearish on the company's growth prospects. I reiterate the "Sell" rating with a fair value of $257 per share. Weak Volume Growth Continues with Moderating Trend In fiscal Q3 FY24 , their revenue declined by 2% year-over-year, while the adjusted operating profits increased by 16.5%, thanks to
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News
- Forbes Asia 100 To Watch Forum 2024 Highlights [Forbes]Forbes
- FedEx (FDX) Stock Moves -0.21%: What You Should Know [Yahoo! Finance]Yahoo! Finance
- FedEx Shutters 4 Ship Centers, Cutting 220 Courier Jobs [Yahoo! Finance]Yahoo! Finance
- 15 Fastest Growing Cities in Tennessee [Yahoo! Finance]Yahoo! Finance
- Meet Terrand, the Inspiring Leader Behind the FedEx E-Commerce Learning Lab [Yahoo! Finance]Yahoo! Finance
FDX
Earnings
- 3/21/24 - Beat
FDX
Sec Filings
- 4/26/24 - Form 8-K/A
- 4/9/24 - Form 4
- 4/9/24 - Form 144
- FDX's page on the SEC website