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FedEx rallies 8% after optimistic fiscal-2023 forecast

FedEx (FDX.US) released an earnings report for the fourth quarter of fiscal-2022 as well as for the full fiscal year yesterday after the close of the Wall Street session. While results for fiscal-Q4 2022 missed market expectations, the company released a set of upbeat forecasts for the fiscal year 2023 (June 2022 - May 2023), resulting in a strong upward move in the company's shares today.

FedEx reported fiscal-Q4 revenue at $24.4 billion, slightly below $24.57 billion expected by the analysts. Operating profit reached $2.23 billion (exp. $2.28 billion), translating into operating margin of 9.2% (exp. 9.4%). Adjusted EPS for the final quarter of fiscal-2022 was reported at $6.87 and was in-line with market expectations.

Sales and operating income was slightly lower than expected but an optimistic forecast for fiscal-2023 allowed investors to look past these small disappointments with ease. FedEx said that it expects adjusted EPS for full fiscal-2023 to reach $22.50-24.50. This is an upbeat forecast as the market expected the company to report adjusted EPS of $22.36 for the fiscal-year that has begun this month. Package price increases coupled with lower costs, resulting from labor shortage easing, have put the company on a good track to outperform in fiscal-2023.

Shares of FedEx (FDX.US) trade 8% higher today following release of fiscal-Q4 earnings report and upbeat forecasts for fiscal-2023. Stock jumped above the 38.2% retracement as well as the upper limit of the Overbalance structure. Note that the stock also moved above previous local high, boosting chances for the downtrend to end. A near-term resistance zone can be found at $255.50. Source: xStation5

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