FedEx Surpasses Earnings Expectations, Announces $5 Billion Share Buyback

Shares soar nearly 13% as cost-cutting measures and efficiency improvements drive profitability.

FedEx Corp. reported adjusted earnings of $3.86 per diluted share in its fiscal 2024 third quarter, surpassing analysts' estimates.
The company's shares surged nearly 13% in after-hours trading, following the announcement of strong quarterly results and a new $5 billion share repurchase program.
FedEx's revenue for the third quarter was $21.7 billion, a slight decrease from the previous year, but operating income and net income showed significant improvement.
The DRIVE transformation program is on track to achieve $1.8 billion in permanent cost reductions for FY 2024, contributing to improved profitability.
FedEx's leadership expressed confidence in the company's path forward, citing the benefits of the DRIVE program and ongoing efforts to enhance efficiency and customer experience.