(FedEx) Shares of FedEx rose up to 5% in premarket on Friday after the company reported revenues of $23.5 billion in the second quarter, up from last year’s $20.6 billion and above the expected $22.47 billion.
The company posted a net income of $1.04 billion in the second quarter of 2022 or $3.88 per share, with an adjusted EPS of $4.83 that beat the expected adjusted EPS of $4.28. The net income was still lower than $1.23 billion last year.
The operating income and margin were $1.60 billion and 6.8%, respectively, in Q2 2022, compared to last year’s $1.47 billion and 7.1%, respectively.
FedEx now projects an adjusted EPS of between $20.50 and $21.50 in FY22, higher than previously guided $19.75 to $21.00 per share, and above analyst estimates of $19.64 per share.
The company authorized an additional $5 billion in share buybacks, including $1.5 billion for its accelerated share repurchase program.
FDX: NYSE is up +4.83%.
