Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in third-quarter adjusted earnings, hurt by a 6% dip in revenues. The company also provided guidance for fiscal 2023.
Net income, adjusted for special items, dropped to $3.41 per share in the most recent quarter from $4.59 per share in the year-ago period. Unadjusted profit declined to $771 million or $3.05 per share from $1.11 billion or $4.20 per share a year earlier.
Total revenues decreased 6% year-over-year to $22.2 billion during the three-month period. The results were constrained by continued demand weakness, particularly at FedEx Express.
“We’ve continued to move with urgency to improve efficiency, and our cost actions are taking hold, driving an improved outlook for the current fiscal year,” said FedEx’s CEO Raj Subramaniam.
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