Cargo giant FedEx Corporation (NYSE: FDX) on Thursday reported higher earnings and revenues for the third quarter of 2022. The top-line beat the estimates, while profit missed.
Third-quarter profit, on an adjusted basis, moved up to $4.59 per share from $3.47 per share in the comparable period of 2021. However, the latest number missed the consensus estimates. Unadjusted net income rose to $1.11 billion or $4.20 per share in the most recent quarter from $892 million or $3.30 per share a year earlier.
At $23.64 billion, revenues were up 10% year-over-year an above analysts’ forecast. The management also provided guidance for the full fiscal year.
Read management/analysts’ comments on FedEx’s Q3 2022 earnings
“The continued execution of our strategies drove improved third-quarter results. I am proud of our team members around the world, who are constantly proving their resilience amidst a rapidly evolving global environment. FedEx is supporting our team members and others affected by the ongoing conflict in Ukraine as we hope to soon see a return to peace,” said Frederick Smith, FedEx’s chief executive officer.