The post FedEx (FDX) earnings Q4 2024 appeared on BitcoinEthereumNews.com.

A pedestrian walks by a parked FedEx delivery truck on March 21, 2024 in San Francisco, California. Justin Sullivan | Getty Images FedEx shares soared more than 15% after hours Tuesday after the company reported results that topped analysts’ estimates in both earnings and revenue. Here’s how the company did in its fiscal fourth quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG: Earnings per share: $5.41 cents adjusted vs. $5.35 expected Revenue: $22.11 billion vs. $22.07 billion expected The company reported net income for the three-month period that ended May 31 of $1.47 billion, or $5.94 per share, compared with $1.54 billion, or $6.05 per share, a year earlier. Revenue rose to $22.1 billion, up slightly from $21.9 billion a year earlier. For the full fiscal year, revenue was $87.7 billion, down from $90.2 billion. FedEx reported that capital spending for fiscal 2024 was $5.2 billion, down 16% from $6.2 billion in fiscal 2023 and less than the $5.7 billion it forecasted in its fiscal 2024 guidance last year. FedEx guided low-to-mid single-digit percent revenue growth year over year for fiscal 2025, adding that the company is expecting to permanently cut $2.2 billion in the following fiscal year. The spending decline comes as the company amps up its cost-cutting measures as part of a sweeping commitment to cut $4 billion by the end of fiscal 2025. Following weak freight demand, FedEx enacted its DRIVE transformation program to cut costs and consolidate the business. “DRIVE continues to change the way we work at FedEx. We achieved our target of $1.8 billion in structural costs out in fiscal year ’24,” CEO Raj Subramaniam said on the company’s earnings call. Subramaniam said the company is firmly on track to achieve the $4 billion cost cutting…

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Filed under: News - @ June 25, 2024 10:18 pm