SA: FedEx rallies after Express unit delivers strong quarter

Fueled by cost savings in its Express business and improved FQ3 margins, FedEx (NYSE:FDX) shares rallied afterhours to their highest level since July 2021.

With the Street focused on the performance of the FedEx Express segment after a disappointing FQ2, investors breathed a sigh of relief when the Express segment reported an operating margin of 2.5%, 150 basis points better than what the Street expected, and 80 basis points better than the prior quarter.

For Q3, the company-wide adjusted operating margin improved to 6.2% from 5.3%, in the same quarter last year…

Stock up 12.6% in after-hours trade to $298.2.

The full story is here.

More from CNBC can be found here.