Logistics and shipping giant FedEx Corporation (NYSE:FDX) is set to announce fourth-quarter (Q4) financial results after market close Tuesday, June 25.
Here's a look at the earning estimates, analyst ratings and key items to watch.
Earnings Estimates: Analysts expect FedEx to report fourth-quarter revenue of $22.06 billion according to estimates from Benzinga Pro. The company had revenue of $21.9 billion in last year's fourth quarter.
The company has missed analysts' revenue estimates in eight straight quarters and eight of the last 10 quarters overall.
Analysts expect the company to post fourth-quarter earnings per share of $5.37 compared to $4.94 in the previous year's fourth quarter.
FedEx has beaten analysts' earnings per share estimates in seven of the last 10 quarters.
Related Link: How To Earn $500 A Month From FedEx Stock Ahead Of Q4 Earnings
Analyst Ratings: Here's a look at recent analyst ratings and price targets for FedEx ahead of the quarterly earnings report.
- Raymond James: Outperform rating, lowered price target from $325 to $300
- Evercore ISI Group: Outperform rating, lowered price target from $351 to $318
- Wells Fargo: Initiated with Equal-weight rating, $275 price target
- JPMorgan: Neutral rating, lowered price target from $301 to $296
- UBS: Buy rating, lowered price target from $340 to $333
Key Items to Watch: FedEx recently unveiled a plan to streamline operations in Europe, that could result in cost savings.
The company plans to reduce 1,700 to 2,000 positions across segments that include commercial and back-office roles.
The announcement comes with the company seeking to save $250 million to $375 million from various cost cutting plans.
FedEx authorized a $5 billion share buyback plan in the third quarter. The company said it planned to buy back $500 million in shares in the fourth quarter. Investors and analysts will likely monitor to see if this was completed and how much the company forecasts to buy in the coming quarters.
The company's revenue misses are a concern to shareholders and analysts and come as FedEx is working on an ongoing business transformation.
"We are making meaningful progress on our transformation, while strengthening our value proposition and improving the customer experience. I've never been more confident in our path ahead as we build a more flexible, efficient, and intelligent network," FedEx CEO Raj Subramaniam said after third-quarter results.
FDX Price Action: FedEx shares trade at $255.58 versus a 52-week trading range of $224.64 to $291.27. FedEx stock is up 13% over the last year and up only 1% year-to-date in 2024.
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