FedEx (NYSE: FDX) reported Q3 EPS of $3.86, $0.35 better than the analyst estimate of $3.51. Revenue for the quarter came in at $21.7 billion versus the consensus estimate of $21.97 billion.

• Board of Directors Authorizes New $5 Billion Share Repurchase Program

GUIDANCE:

FedEx sees FY2024 EPS of $17.25-$18.25, versus the consensus of $17.40.

• A low-single-digit percentage decline in revenue year over year;
• Earnings per diluted share of $15.65 to $16.65 before the MTM retirement plans accounting adjustments, compared to the prior forecast of $15.35 to $16.85 per diluted share;
• Earnings per diluted share of $17.25 to $18.25 before the MTM retirement plans accounting adjustments after also excluding costs related to business optimization initiatives, compared to the prior forecast of $17.00 to $18.50 per diluted share;
• Permanent cost reductions from the DRIVE transformation program of $1.8 billion;
• ETR of approximately 25% prior to the MTM retirement plans accounting adjustments; and
• Capital spending of $5.4 billion, compared to the prior forecast of $5.7 billion, with a priority on investments to improve efficiency, including fleet and facility modernization, network optimization, and automation.

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