FedEx Lowers FY24 Revenue Forecast After Sales Fall Again
20 December 2023 - 8:54AM
Dow Jones News
By Ben Glickman
FedEx lowered its forecast for full-year revenue after weaker
demand continued to pressure the company's sales in the fiscal
second quarter.
The Memphis, Tenn.-based package-shipping company said it now
expects full-year revenue to decline in the low-single digits,
compared with prior outlook of flat revenue growth. Analysts polled
by FactSet are expecting a decline of less than 1%.
The company's revenue fell more than expected in the fiscal
second quarter, but FedEx expanded its profit as cost cutting
initiatives boosted margins.
FedEx is expecting per-share earnings of $15.35 to $16.85,
compared with earlier guidance of $15.10 to $16.60 a share.
Analysts polled by FactSet expect full-year profit of $17.42.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
December 19, 2023 16:39 ET (21:39 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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