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Courier firm FedEx saw a nearly 5% rise in its shares early Thursday following the release of its fiscal first-quarter financial results. Despite a year-on-year decrease in revenue by 7% to $21.68 billion, the company’s adjusted net income surged by approximately 30% to reach $1.16 billion. This resulted in adjusted earnings per share rising from $3.44 in the same period last year to $4.55.
The FedEx Ground unit significantly contributed to the company’s overall income, generating operating margins over 13%. The company’s Express segment also showed gains from cost-cutting measures despite smaller margins. FedEx’s projections for fiscal 2024 have pleased investors, with adjusted earnings expected to be between $17 and $18.50 per share, potentially boosted by $1.90 per share due to business optimization efforts.
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