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FedEx Corporation (NYSE: FDX) reported weaker-than-expected fiscal third-quarter earnings on Thursday, prompting a downward revision of its full-year guidance. Shares fell over 3% in after-hours trading following the announcement.
The shipping giant posted adjusted earnings per share (EPS) of $4.51 on $22.2 billion in revenue, missing analysts’ estimates of $4.61 EPS but surpassing revenue expectations of $21.92 billion. The company cited a “very challenging operating environment,” including a compressed peak season and severe weather disruptions.
FedEx Freight continued to struggle, with lower fuel surcharges, declining shipment weight, and reduced volumes weighing on results, despite gains in base yield.
Looking ahead, FedEx lowered its adjusted EPS forecast to a range of $18.00 to $18.60, down from the previous $19.00 to $20.00 range. Revenue expectations were also revised, now projected to be flat or slightly down year-over-year, compared to prior guidance of approximately flat.
The results reflect ongoing freight market challenges, impacting FedEx’s profitability and growth outlook.
