WMT - FedEx Ground Unexpectedly Stands Out Ahead Of The Holiday Season | Benzinga
On Wednesday, FedEx Corporation (NYSE: FDX) delivered a positive earnings surprise as it poached customers from its rival United Parcel Service Inc (NYSE: UPS) and took advantage of the demise of the Yellow Corporation (OTC: YELLQ) who ceased its operations in July despite being a dominant player on the less-than-truckload transportation front. Upon announcing results, FedEx shares rose 5.7% to $264.60 in extended trading.
Fiscal First Quarter Highlights
For the quarter that ended on August 31st, FedEx reported that revenue dropped to $21.7 billion as it began the previous fiscal year with quarterly revenue of $23.2 billion. Yet, FedEx made a net income of $1.08 billion, or $4.23 a share which is a 32% YoY improvement from last year’s comparable quarter when it made $875 million, or $3.33 a share. When making adjustments for "business optimization” costs, adjusted earnings end up amounting to $4.55 a share.
The FedEx unit which delivers packages from retailers like Walmart (NYSE: WMT) experienced a 59% rise in ...