<p>FedEx (NYSE: FDX) earnings for fiscal third quarter 2020, FDX stocks are heading higher after Tuesday night. This comes after reporting adjusted earnings per share (EPS) of $ 1.41, which is below the Wall Street estimate of $ 1.43. However, the delivery company’s revenue of $ 17.49 billion beats analysts’ estimates of $ 16.9 billion.
Source: Antonio Gravante / Shutterstock.com
The following is a closer look at the latest FedEx earnings report.
Adjusted per share earnings are down 53.47% from $ 3.03 over the same period last year. Revenue for the quarter was 2.82% higher than the $ 17.01 billion reported in the third quarter of 2019. Operating profit of $ 411 million is a decrease of 54.88% compared to the previous year from $ 911 million. The FedEx earnings report also has a net profit of $ 315 million. This is 57.37% worse than the company’s net profit of $ 739 million from the same period the year before.
Frederick Smith, Chairman and CEO of FedEX, said this about the FDX earnings report:
“Although the global economic impact of the latest social distance mandates is uncertain, we are still well positioned to help our customers as they work to manage their supply chains and inventories. We will continue to support efforts to combat the pandemic. ”
The FedEx earnings report contains no prospects. According to the company, this is due to the ongoing headwind it is facing due to coronavirus from China.
FDX stocks were up 2.15% after the markets closed on Tuesday and were up 4.94% at the end.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/03/fedex-earnings-boost-fdx-stock/.
© 2020 InvestorPlace Media, LLC