FedEx reported its fiscal third-quarter earnings that fell short of analysts’ expectations, as inflation hurt profit margins.
The transportation/logistics company’s adjusted earnings came in at $4.59 a share, compared to $4.65 expected by analysts. The figure was $3.47 in the year-ago quarter.
Revenue was $23.6 billion, vs. analysts’ expectations of $23.5 billion. The year-ago quarter generated $21.5 billion in sales.
“The continued execution of our strategies drove improved third-quarter results,” said CEO Fred Smith.
The company’s full-year guidance remained unchanged. For the full 2022 fiscal year, it projects earnings of $21 a share (vs. $18.17 a share earned in fiscal year 2021).