FedEx Delivers Q4 Earnings Beat, Revenue Miss, Shares Slide Before Bouncing Back At Market Open
- 10 months ago
FedEx Corp (NYSE:FDX) shares are trading lower in Tuesday's after-hours session on the heels of the company's fiscal fourth-quarter financial results.
What Happened: FedEx reported that fourth-quarter revenue fell by 10.22% to $21.9 billion, which missed the consensus estimate of $22.72 billion, according to Benzinga Pro. The express package delivery company reported quarterly earnings of $4.94 per share, which beat estimates of $4.89 per share.
FedEx noted that its results include a non-cash impairment charge of $70 million (21 cents per diluted share) due to the decision to retire 18 aircraft and 34 related engines from service permanently. The results also include a goodwill and other asset impairment charge of $47 million (17 cents per diluted share) related to the company's ShopRunner acquisition.
"The solid close to the fiscal year demonstrates the significant progress Team FedEx has made in advancing our global transformation while adapting to the dynamic demand environment," said Raj Subramaniam, president and CEO of FedEx.
What Happened: FedEx reported that fourth-quarter revenue fell by 10.22% to $21.9 billion, which missed the consensus estimate of $22.72 billion, according to Benzinga Pro. The express package delivery company reported quarterly earnings of $4.94 per share, which beat estimates of $4.89 per share.
FedEx noted that its results include a non-cash impairment charge of $70 million (21 cents per diluted share) due to the decision to retire 18 aircraft and 34 related engines from service permanently. The results also include a goodwill and other asset impairment charge of $47 million (17 cents per diluted share) related to the company's ShopRunner acquisition.
"The solid close to the fiscal year demonstrates the significant progress Team FedEx has made in advancing our global transformation while adapting to the dynamic demand environment," said Raj Subramaniam, president and CEO of FedEx.