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Last Updated:
June 21, 2023 at 7:49 PM EDT
June 21, 2023 at 1:20 PM
FedEx Slips on Weak Fiscal Year Outlook
FedEx stock was sliding early Wednesday, a day after the shipping giant delivered an earnings beat for its fourth quarter but gave disappointing guidance.
Shares of FedEx (FDX) were down 3% to $224.68 in premarket trading. Coming into Wednesday’s session, the stock had gained 34%.
“The solid close to the fiscal year demonstrates the significant progress Team FedEx has made in advancing our global transformation while adapting to the dynamic demand environment,” said CEO Raj Subramaniam in a statement. “FedEx is becoming a more flexible, efficient and, data-driven organization.”
For its coming fiscal year, FedEx expects earnings of $16.50 to $18.50 a share, rising from a year ago; Wall Street analysts were expecting about $18.30 a share.