Shares of supply companies firm FedEx (NYSE:FDX) gained in after-hours buying and selling after the corporate reported earnings for its third quarter of Fiscal 12 months 2024. Earnings per share got here in at $3.86, which beat analysts’ consensus estimate of $3.43 per share.
Gross sales decreased by 2.3% year-over-year, with income hitting $21.7 billion. This missed analysts’ expectations by $380 million.
Trying ahead, administration now expects income in FY 2024 to say no by a low-single-digit proportion. Moreover, adjusted earnings per share are anticipated to land between $17.25 and $18.25. For reference, analysts have been anticipating an adjusted EPS of $18.19.
Is FedEx a Purchase, Promote, or Maintain?
Turning to Wall Avenue, analysts have a Robust Purchase consensus score on FDX inventory primarily based on 10 Buys, three Holds, and nil Sells assigned prior to now three months, as indicated by the graphic beneath. After a 24% rally in its share worth over the previous 12 months, the common FDX worth goal of $294.69 per share implies 11.25% upside potential. Nonetheless, it’s price noting that estimates will possible change following right this moment’s earnings report.