FedEx Corporation FDX reported better-than-expected earnings for its fourth quarter, while sales missed estimates. The company announced that its executive vice president and CFO Michael Lenz will retire from his role, effective July 31.
FedEx reported that fourth-quarter revenue fell by 10.22% to $21.9 billion, which missed the consensus estimate of $22.72 billion. The express package delivery company reported quarterly earnings of $4.94 per share, which beat estimates of $4.89 per share.
FedEx said it expects full fiscal year 2024 earnings to be in the range of $16.50 to $18.50 per share versus estimates of $18.36 per share.
FedEx shares fell 3.3% to $224.01 in today’s pre-market trading session.
These analysts made changes to their price targets on FedEx following earnings announcement.
- Raymond James slashed the price target on FedEx from $280 to $270. Raymond James analyst Patrick Tyler Brown maintained an Outperform rating.
- Morgan Stanley increased the price target on FedEx from $180 to $186. Morgan Stanley analyst Ravi Shanker reiterated the stock with an Equal-Weight.
- JP Morgan raised the price target from $228 to $251. JP Morgan analyst Brian Ossenbeck maintained FedEx with a Neutral.
- Stephens & Co. analyst Jack Atkins, meanwhile, reiterated FedEx with an Overweight and maintained a $290 price target.
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