Why Shares Of FedEx Are Trading Higher Today

FedEx FDX shares are trading higher after the company issued FY23 guidance above estimates, offsetting worse-than-expected fourth quarter sales results.

FedEx reported quarterly earnings of $6.87 per share which met the analyst consensus estimate. The company reported quarterly sales of $24.40 billion which missed the analyst consensus estimate of $24.57 billion by 0.69%. 

The company expects full year 2023 earnings per share to be between $22.50 and $24.50 versus the $22.41 estimate.

Raj Subramaniam, FedEx Corp. President and CEO, said "Our fiscal 2022 financial performance was a result of our team's ability to adapt to a number of unexpected challenges and is a testament to the FedEx value proposition and the execution of our long-term strategy, our foundational investments have set the stage for a strong fiscal 2023. As we move forward, our focus will be on revenue quality and lowering our cost to serve. I am honored to lead our dedicated global team who enable FedEx to lead the industry from a position of strength."

FedEx pioneered overnight delivery in 1973 and remains the world's largest express package provider.

The stock was trading about 7% higher at $242.83  per share on Friday at the time of publication.

Posted In: why it's movingMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.