FedEx (FDX) Reports Q3 Earnings: What Key Metrics Have to Say

Zacks Equity Research
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For the quarter ended February 2024, FedEx (FDX) reported revenue of $21.7 billion, down 2.1% over the same period last year. EPS came in at $3.86, compared to $3.41 in the year-ago quarter.

The reported revenue represents a surprise of -1.47% over the Zacks Consensus Estimate of $22.02 billion. With the consensus EPS estimate being $3.49, the EPS surprise was +10.60%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how FedEx performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Average daily package volume - FedEx Express - Package - Total U.S Domestic Package: 2,738 thousand compared to the 2,768.76 thousand average estimate based on four analysts.

  • Revenue per freight pound - Fed Ex Express - Freight - U.S. $1.69 versus $1.74 estimated by four analysts on average.

  • Average daily package volume - FedEx Express - Package - Total: 5,473 thousand compared to the 5,530.7 thousand average estimate based on four analysts.

  • Composite Weight per LTL shipment - FedEx Freight segment: 946 thousand compared to the 954.26 thousand average estimate based on four analysts.

  • Revenues- Other and Eliminations: $745 million versus the six-analyst average estimate of $797.06 million. The reported number represents a year-over-year change of -16.6%.

  • Revenues- FedEx Services: $64 million compared to the $78.44 million average estimate based on six analysts. The reported number represents a change of -26.4% year over year.

  • Revenues- FedEx Express: $10.10 billion versus $10.01 billion estimated by six analysts on average. Compared to the year-ago quarter, this number represents a -2.4% change.

  • Revenues- FedEx Ground: $8.70 billion compared to the $8.78 billion average estimate based on six analysts. The reported number represents a change of +0.5% year over year.

  • Revenues- FedEx Freight: $2.13 billion versus the six-analyst average estimate of $2.23 billion. The reported number represents a year-over-year change of -2.8%.

  • Revenues- FedEx Express- Freight- U.S: $648 million versus $597.28 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -9.9% change.

  • Revenues- FedEx Express- Package- U.S. overnight envelope: $450 million compared to the $630.03 million average estimate based on five analysts. The reported number represents a change of -5.9% year over year.

  • Revenues- FedEx Express- Package- U.S. overnight box: $2.15 billion versus the five-analyst average estimate of $2.15 billion. The reported number represents a year-over-year change of -0.9%.

View all Key Company Metrics for FedEx here>>>

Shares of FedEx have returned +7.7% over the past month versus the Zacks S&P 500 composite's +5.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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