FedEx (FDX) Tops Q4 EPS by 2c, Offers FY22 Guidance

(Updated - June 24, 2021 4:07 PM EDT)

FedEx (NYSE: FDX) reported Q4 EPS of $5.01, $0.02 better than the analyst estimate of $4.99. Revenue for the quarter came in at $22.6 million versus the consensus estimate of $21.51 million.

Guidance:

FDX sees FY22 EPS of $20.50 to $21.50 vs consensus of $20.37.

FedEx is unable to forecast the fiscal 2022 mark-to-market (MTM) retirement plan accounting adjustments. As a result, FedEx is unable to provide a fiscal 2022 earnings per share or effective tax rate (ETR) outlook on a GAAP basis.

For fiscal 2022, FedEx is forecasting:

• Earnings per diluted share of $18.90 to $19.90 before the MTM retirement plan accounting adjustments;
• Earnings per diluted share of $20.50 to $21.50 before the MTM retirement plan accounting adjustments and excluding estimated TNT Express integration expenses and costs associated with business realignment activities;
• ETR of approximately 24% prior to the MTM retirement plan accounting adjustments; and
• Capital spending of $7.2 billion, with continued investment in the key strategic priorities of e-commerce, operational excellence and efficiency. Strategic initiatives include accelerated capacity expansion, fleet and facility modernization, and increased automation.

These forecasts assume continued recovery in U.S. industrial production and global trade, no additional COVID-19-related business restrictions, and current fuel price expectations. FedEx’s ETR and earnings per share forecasts are based on current law and related regulations and guidance.

“The ongoing execution of our strategic initiatives has driven significant improvement in our fourth quarter results and highlights the continued strength of our business,” said Michael C. Lenz, FedEx Corp. executive vice president and chief financial officer. “For fiscal 2021, we delivered record financial results while also recognizing the valuable contributions by our team members. We expect continued strong momentum in fiscal 2022, and our investments are focused on the areas of greatest growth and highest returns, like e-commerce, to position us for sustained long-term growth in earnings, cash flows, and returns.”

For earnings history and earnings-related data on FedEx (FDX) click here.

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