FedEx Q1 adjusted EPS $4.55 beats prior year; raises FY2024 adjusted outlook to $17.00-$18.50

FEDEX CORP

2024-Q1 EPS reported $4.23 revenue$21,681,000,000

Q1 GAAP EPS $4.23, adjusted $4.55 vs $3.44 adjusted a year ago; revenue $21.7B, down 6% YoY.
FedEx Ground operating income +59% YoY; Express +18%; Freight -26% with 29 terminal closures.
FY2024 adjusted EPS outlook raised to $17.00-$18.50 (prior $16.50-$18.50); revenue now expected flat YoY.
Completed $500M ASR (1.95M shares); plans additional $1.5B buyback in FY2024.
Cash on hand $7.1B; DRIVE program targeting $1.8B in permanent cost reductions.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FEDEX CORP reported the first quarter ended August 31 results: revenue $21.7 billion, net income $1.08 billion, EPS $4.23. Guidance raised.

Period: the first quarter ended August 31
Revenue: $21.7 billion
Net income: $1.08 billion
EPS: $4.23
Guidance: raised
Result: reported results

Exact text from the filing

exclude the items listed below for the applicable fiscal year): Fiscal 2024 Fiscal 2023 As Reported (GAAP) Adjusted (non-GAAP) As Reported (GAAP) Adjusted (non-GAAP) Revenue $21.7 billion $21.7 billion $23.2 billion $23.2 billion Operating income $1.49 billion $1.59 billion $1.19 billion $1.23 billion Operating margin 6.8% 7.3% 5.1% 5.3% Net income $1.08 billion

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Source: SEC EDGAR

accession 0000950170-23-048991

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