[ad_1]
Freight giant FedEx Corporation (NYSE: FDX ) on Thursday reported a decline in third-quarter earnings, a 6% drop in profit. The company also provided guidance for fiscal 2023.
Net income, adjusted for special items, fell to $3.41 per share in the most recent quarter from $4.59 per share in the year-ago period. Unadjusted profit declined to $771 million or $3.05 per share from $1.11 billion or $4.20 per share a year earlier.
Total revenue fell 6% year over year to $22.2 billion in the three months. The results were limited by continued weakness in demand, particularly at FedEx Express.
Read management/analyst commentary on monthly reports
“We continue to make rapid progress to improve efficiency, and cost actions are underway, driving an improved outlook for the current fiscal year,” said FedEx CEO Raj Subramaniam.
(this story will be updated soon)
[ad_2]
Source link