FedEx announces third quarter results for fiscal year 2024, with net profit reaching US$966 million

It is learned that FedEx recently released its third-quarter financial report for fiscal year 2024 ending February 29.

The financial report shows that in the first three quarters of fiscal year 2024, FedEx's cumulative revenue was US$65.584 billion, a year-on-year decrease of 3.87%; the cumulative net profit was US$2.857 billion, a year-on-year increase of 17.38%. In the third quarter of fiscal year 2024, FedEx's revenue was US$21.7 billion, lower than the market expectation of US$22.04 billion; net profit was US$966 million, higher than US$865 million in the same period last year, an increase of about 11.7%.

FedEx pointed out in its financial report that due to lower fuel surcharges, reduced weight of each batch of goods and reduced shipments, FedEx 's operating performance declined, but the improvement in basic yields and the benefit of an extra working day partially offset this impact. Despite the lower revenue, revenue and profit margins still improved in the third quarter.

Looking ahead, FedEx lowered its earnings outlook for fiscal 2024, now expecting adjusted earnings per share of $17.25 to $18.25, down from its previous range of $17 to $18.50. By comparison, Wall Street's consensus estimate is $17.44 per share.