Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in second-quarter adjusted earnings, hurt by a 3% dip in revenues. The company also provided guidance for fiscal 2023.
Net income, adjusted for special items, dropped to $3.18 per share in the most recent quarter from $4.83 per share in the year-ago period. Unadjusted profit declined to $788 million or $3.07 per share from $1.04 billion or $3.88 per share a year earlier.
Total revenues decreased 3% year-over-year to $22.8 billion during the three-month period. The results were constrained by continued demand weakness, particularly at FedEx Express. conditions.
Read management/analysts’ comments on quarterly reports
“Our earnings exceeded our expectations in the second quarter driven by the execution and acceleration of our aggressive cost reduction plans. At the same time, we continue to focus on delivering excellent service for our customers,” said FedEx’s CEO Raj Subramaniam.
(this story will be updated shortly)