Revenue was up 14.4 percent at $15.0 billion, and operating income at $1.03 billion was up 17.2 percent.
Name SearchWatch Service' FedEx Corp. chairman and chief executive officer Frederick W. Smith said. Revenue was on par with the $15 billion analysts expected and shares initially dipped and then recovered up 3% from the market close price to $191.8 per share.
FDX said its FedEx Express Segment revenue gained 3% from previous year, helped by higher rates and volumes.
Amazon hit an all-time high in morning trade but reversed to slide 1.6% as the major market averages skidded. Total daily worldwide export packages at 589,000 were up 4 percent, and revenue was up 1 percent at $53.92.
The Memphis, Tennessee based company recorded third quarter Non-GAAP adjusted income of $ 638.00 million or $ 2.35 per share.
The company is targeting operating income improvement at the FedEx Express group of $1.2 billion to $1.5 billion in fiscal 2020 versus fiscal 2017, assuming moderate economic growth and current accounting and tax rules. Its FedEx Services segment provides sale, marketing, information technology, communication, customer, technical support, billing and collection, and other back-office support services; FedEx Mobile, a suite of solutions to track packages, create shipping labels, view account-specific rate quotes, and access drop-off location information; access to copying and digital printing through retail and Web-based platforms, signs and graphics, professional finishing, computer rentals, and ground shipping and time-definite express shipping services; and packing services, supplies, and boxes.
FedEx Freight, the company's less-than-truckload segment, saw revenue head up 2 percent to $1.49 billion, with operating income down 27 percent at $41 million. Company's distance from 20 day simple moving average is -0.69% and distance from 50-Day simple moving average is 0.55%.
Sears Holdings Corporation (NASDAQ:SHLD) Broker Price Targets For The Coming Week
Sears says it lost more than $2 billion past year and there is "substantial doubt" it will be able to keep its doors open. The most recent statement from Sears is another sign of the brutal restructuring of traditional retail companies.
FedEx Ground continued its strong performance, largely due to e-commerce growth.
In a statement issued yesterday (21 March), the company said that operating results were "impacted by the significantly negative net impact of fuel and one fewer operating day at FedEx Express and FedEx Ground, and network expansion at FedEx Ground".
These factors were partially offset by the yield growth in all of the company's transportation segments, he added. Graf said this should better match volatility of FedEx fuel expenses to its surcharge, and that change will not impact future results like it has in the past, with the company not "lapping" those results until February 2018. From a 4.4% adjusted operating margin in FY13 to 9.5% in FY16, Express's multi-year profit improvement plan was a success. "The integration of TNT and FedEx is on track with significant progress thus far in fiscal 2017". But FedEx has been investing heavily in its network and automation technologies in an effort to bring costs down.
Jerry Hempstead, president of Hempstead Consulting, said that like UPS FedEx had "profitless prosperity" during the holiday rush. "It may appear that the incremental business from a "handful" of seasonal e-commerce shippers erased the profits of what should have been a sterling quarter".
Shares of FedEx Co.
Cowen analyst Helane Becker also expressed concern about how well FedEx did over the holidays.
The company mentioned that the TNT Express integration process is on track.