United Parcel Service, Inc. UPS shares are trading higher in sympathy with FedEx Corp FDX, which rose after reporting third-quarter results Thursday after the bell.
The Details: FedEx reported quarterly earnings of $3.86 per share which beat the analyst consensus estimate of $3.45 by 11.88% and represents a 13.2% increase over earnings of $3.41 per share from the same period last year.
Quarterly sales came in at $21.7 billion, just missing the analyst estimate of $22.04 billion.
FedEx also authorized a new $5 billion share repurchase program, and the company reported plans for $500 million in share repurchases in the fourth quarter.
UPS reported its most recent financial results at the end of January with a fourth-quarter fiscal 2023 revenue decline of 7.8% year-over-year to $24.92 billion. Adjusted EPS was $2.47, in line with the consensus estimates.
UPS is set to report its first-quarter results at the end of April. According to estimates from Benzinga Pro, the company is expected to report earnings of $1.57 per share and quarterly revenue of $22.039 billion.
UPS Price Action: According to Benzinga Pro, United Parcel Service shares are up 4.40% at $162.18 at the time of publication Thursday.
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