Cargo giant FedEx Corporation (NYSE: FDX) has reported an increase in fourth-quarter adjusted earnings and revenues. The company also provided guidance for fiscal 2023.
Net income, adjusted for special items, moved up to $6.87 per share in the most recent quarter from $5.01 per share in the year-ago period. Meanwhile, unadjusted profit declined sharply to $558 million or $2.13 per share from $1.87 billion or $6.88 per share a year earlier.
Total revenues increased 8% year-over-year to $24.4 billion during the three-month period. The results benefitted from the parcel delivery firm’s revenue management actions, which were partially offset by global volume softness due to COVID lockdowns, geopolitical uncertainty, and slower economic growth.
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“Our foundational investments have set the stage for a strong fiscal 2023. As we move forward, our focus will be on revenue quality and lowering our cost to serve. I am honored to lead our dedicated global team who enable FedEx to lead the industry from a position of strength,” said FedEx’s CEO Raj Subramaniam.