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FedEx Confidently Delivered An Earnings Growth Surprise Owed To Structural Cost Cuts
FedEx Confidently Delivered An Earnings Growth Surprise Owed To Structural Cost Cuts
On Thursday, FedEx Corporation (NYSE:FDX) surprised Wall Street withby surpasing earnings estimates for its fiscal 2024 third quarter, while revenue came short of estimates. Amid a backdrop shaped by macroeconomic uncertainty, FedEx also narrowed its full fiscal year earnings outlook but the midpoint stayed the same as cost cuts are expected to offset a decline from lowered demand of its largest customer, the, U.S. Postal Service, who shifted away from high-margin air services in favor of lower-cost alternatives.
FY2024 third quarter highlights
For the quarter that ended on February 29th, $21.7 billion, FedEx reported that revenue amounted to $21.7 billion, which is lower compared to fiscal 2023's comparable quarter when revenue amounted to $22.8 billion.
However, operating income improved from fiscal 2023 third quarter's $1.04 billion to $1.24 billion. As a result, net income grew from $771 million to $879 million.
Despite declining revenue, operating and net income improved due to the successful execution of the company's DRIVE strategy, along with its continued focus on revenue quality. Through the DRIVE initiative, FedEx aims to lower permanent costs by $4 billion by fiscal 2025 and by the looks of it, these structural changes are already showing a real positive impact on the bottom line.
Moreover, FedEx's largest and most struggling unit, Express overnight delivery, also delivered good news. Its operating margin expanded from last year's comparable quarter, more precisely, from 1.2% to 2.5%. The unit has been struggling with declining volumes due to the U.S. Postal Service opting to use more economical carrier alternatives on the ground.
On Monday, the Wall Street Journal even reported that FedEx entered talks with Amazon.com Inc (NASDAQ:AMZN) last year, to discuss teaming up on returns. FedEx and Amazon had a working relationship that ended in 2019 that included a deal to make U.S. ground deliveries, as Amazon not only ships billions of packages on an annual basis, but also receives millions of returns. Amazon uses United Parcel Service Inc (NYSE:UPS) and other carriers to deal with returns, as well as letting customers take their returns to third party locations, such as those of Kohl's Corporation (NYSE:KSS).
After posting better-than-expected earnings, FedEx executives are confident that the carrier company is on the right path to improving profitability. After all, their self-confidence to be able to align its network with the evolving demand environment while unlocking profit opportunities has been justified by delivering improved profitability amid a challenging environment. FedEx also mentioned it is in talks with USPS regarding a new multi-year contract agreement, as the existing one is due to expire in September.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
On Thursday, FedEx Corporation (NYSE:FDX) surprised Wall Street withby surpasing earnings estimates for its fiscal 2024 third quarter, while revenue came short of estimates. Amid a backdrop shaped by macroeconomic uncertainty, FedEx also narrowed its full fiscal year earnings outlook but the midpoint stayed the same as cost cuts are expected to offset a decline from lowered demand of its largest customer, the, U.S. Postal Service, who shifted away from high-margin air services in favor of lower-cost alternatives.
周四,联邦快递公司(纽约证券交易所代码:FDX)超过了2024财年第三季度的收益预期,这让华尔街感到惊讶,而收入低于预期。在宏观经济不确定性的背景下,联邦快递也缩小了其整个财年的收益前景,但中点保持不变,因为预计削减成本将抵消其最大客户美国邮政总局需求下降所带来的下降。美国邮政局放弃了高利润率的航空服务,转而使用低成本的替代方案。
FY2024 third quarter highlights
FY2024 第三季度亮点
For the quarter that ended on February 29th, $21.7 billion, FedEx reported that revenue amounted to $21.7 billion, which is lower compared to fiscal 2023's comparable quarter when revenue amounted to $22.8 billion.
联邦快递报告称,在截至2月29日的季度中,收入为217亿美元,低于2023财年的同期收入为228亿美元。
However, operating income improved from fiscal 2023 third quarter's $1.04 billion to $1.24 billion. As a result, net income grew from $771 million to $879 million.
但是,营业收入从2023财年第三季度的10.4亿美元提高到12.4亿美元。结果,净收入从7.71亿美元增长到8.79亿美元。
Despite declining revenue, operating and net income improved due to the successful execution of the company's DRIVE strategy, along with its continued focus on revenue quality. Through the DRIVE initiative, FedEx aims to lower permanent costs by $4 billion by fiscal 2025 and by the looks of it, these structural changes are already showing a real positive impact on the bottom line.
尽管收入下降,但由于公司成功执行了DRIVE战略以及对收入质量的持续关注,运营和净收入有所改善。通过DRIVE计划,联邦快递的目标是到2025财年将永久成本降低40亿美元,从表面上看,这些结构性变化已经对利润产生了真正的积极影响。
Moreover, FedEx's largest and most struggling unit, Express overnight delivery, also delivered good news. Its operating margin expanded from last year's comparable quarter, more precisely, from 1.2% to 2.5%. The unit has been struggling with declining volumes due to the U.S. Postal Service opting to use more economical carrier alternatives on the ground.
此外,联邦快递规模最大、最困难的部门快递隔夜送达也传来了好消息。其营业利润率比去年的同期增长,更确切地说,从1.2%扩大到2.5%。由于美国邮政总局选择在当地使用更经济的承运人替代方案,该部门一直在为销量下降而苦苦挣扎。
On Monday, the Wall Street Journal even reported that FedEx entered talks with Amazon.com Inc (NASDAQ:AMZN) last year, to discuss teaming up on returns. FedEx and Amazon had a working relationship that ended in 2019 that included a deal to make U.S. ground deliveries, as Amazon not only ships billions of packages on an annual basis, but also receives millions of returns. Amazon uses United Parcel Service Inc (NYSE:UPS) and other carriers to deal with returns, as well as letting customers take their returns to third party locations, such as those of Kohl's Corporation (NYSE:KSS).
周一,《华尔街日报》甚至报道说,联邦快递去年与亚马逊公司(纳斯达克股票代码:AMZN)进行了谈判,讨论合作处理退货问题。联邦快递和亚马逊的合作关系于2019年结束,其中包括一项在美国进行陆运的协议,因为亚马逊不仅每年运送数十亿个包裹,而且还收到数百万份退货。亚马逊使用联合包裹服务公司(纽约证券交易所代码:UPS)和其他承运人来处理退货,并允许买家将退货运送到第三方地点,例如科尔公司(纽约证券交易所代码:KSS)的地点。
After posting better-than-expected earnings, FedEx executives are confident that the carrier company is on the right path to improving profitability. After all, their self-confidence to be able to align its network with the evolving demand environment while unlocking profit opportunities has been justified by delivering improved profitability amid a challenging environment. FedEx also mentioned it is in talks with USPS regarding a new multi-year contract agreement, as the existing one is due to expire in September.
在公布好于预期的收益后,联邦快递高管相信这家航空公司正走上提高盈利能力的正确道路。毕竟,通过在充满挑战的环境中提高盈利能力,他们有信心能够使其网络与不断变化的需求环境保持一致,同时释放盈利机会。联邦快递还提到,它正在与美国邮政局就一项新的多年期合同协议进行谈判,因为现有的合同将于9月到期。
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
免责声明:此内容仅供参考。它不打算作为投资建议。
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
本文来自一位未付费的外部撰稿人。它不代表 Benzinga 的举报,也未就内容或准确性进行过编辑。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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