(CercleFinance.com) – FedEx published adjusted EPS (non-GAAP) of $3.18 for its second quarter, compared to $4.83 a year earlier, with an adjusted operating margin down 1.8 points at 5.3% for revenues of 22.8 billion, down 3%.
“FedEx has acted with urgency to move quickly through our ongoing transformation while navigating a lower demand environment,” CEO Raj Subramaniam said, noting the acceleration of cost reduction plans.
The group has also identified additional savings of $1 billion beyond its September forecast, and now expects to generate total savings of approximately $3.7 billion for the year compared to its initial business plan.
For the full fiscal year 2022-23, FedEx expects adjusted EPS of $13-14 (including estimated costs related to optimization initiatives) and capital expenditures of $5.9 billion (and not more than 6.3 billion).
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