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FedEx reported fiscal Q3 numbers after the US market closed.
As it pushes to cut costs, earnings were well ahead of expectations. According to Seeking Alpha estimates, Q3 Non-GAAP earnings per share of $3.41 were $0.67 higher than expected, while quarterly sales were weaker.
FedEx upped its earnings forecast for the fiscal year, and now expects:
– Earnings per diluted share of $13.80 to $14.40 before the MTM retirement plans accounting adjustments, compared to the prior forecast of $12.50 to $13.50 per diluted share;
– Earnings per diluted share of $14.60 to $15.20 before the MTM retirement plans accounting adjustments and excluding estimated costs related to business optimization initiatives and costs related to business realignment activities, compared to the prior forecast of $13.00 to $14.00 per diluted share;
– ETR of 25% to 26% prior to the MTM retirement plans accounting adjustments; and
– Capital spending of $5.9 billion.
Stock up as much as 12.2% to $229 in after-hour trade on the news.
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