Fedex Corp - FDX STOCK NEWS

FedEx Corp. (NYSE: FDX) has entered into an accelerated share repurchase agreement with Morgan Stanley, committing to repurchase $1.5 billion of its common stock. This transaction involves an initial delivery of approximately 7.9 million shares, with final shares to be determined during the ASR period based on market prices. The buyback is expected to be completed before the end of FedEx's current fiscal year, enhancing shareholder value through reduced share circulation.

FedEx Corp. (FDX) reported fiscal Q1 2023 results, with revenue of $23.2 billion, a 5.3% operating margin, and a net income of $875 million, leading to a diluted EPS of $3.33. The company announced a $2.2-2.7 billion cost savings initiative for fiscal 2023, amid declining global volumes, particularly a 69% drop in FedEx Express operating income due to an 11% reduction in package volume. Looking ahead, FedEx forecasts Q2 2023 revenue between $23.5-$24.0 billion and EPS of $2.65 or more.

Labaton Sucharow is investigating FedEx (NYSE: FDX) for potential federal securities law violations. Following a disappointing preliminary financial report on September 15, 2022, FedEx announced the closure of storefronts and corporate offices, and a hiring freeze due to a significant decline in global package delivery volumes. The company anticipates missing Wall Street's profit expectations for Q1 and expects worsening business conditions, leading to a 20% stock drop in after-hours trading.

FedEx Corp. reported preliminary results for Q1 FY2023, indicating revenues of $23.2 billion, a rise from $22.0 billion in Q1 FY2022. Operating income fell to $1.19 billion from $1.40 billion. The diluted EPS decreased to $3.33 from $4.09. The company experienced a revenue shortfall of approximately $800 million due to global volume declines, particularly in the FedEx Express segment. In light of these results, FedEx withdrew its FY2023 earnings forecast, anticipating weaker business conditions. Cost-cutting measures are underway, including personnel and operational reductions.

FedEx Corp. (NYSE:FDX) has declared a quarterly cash dividend of $1.15 per share. This dividend will be paid on October 3, 2022 to stockholders who are on record as of September 2, 2022. The company reported annual revenue of $94 billion and is recognized for its commitment to operational safety and ethical standards. FedEx aims for carbon-neutral operations by 2040, serving a broad portfolio of customers globally.

FedEx Office, a subsidiary of FedEx Corp (NYSE: FDX), is piloting ten Ford E-Transit vans across its SameDay City network as part of its goal to transition to zero tailpipe emission vehicles by 2040. The testing will occur in nine markets nationwide, assessing performance in varying road and weather conditions. The Ford E-Transit has a targeted range of 126 miles per charge, supported by dedicated charging infrastructure. This initiative aims to help FedEx electrify its entire fleet and achieve global carbon neutrality by 2040, in alignment with sustainable practices.

FedEx Freight has recently inaugurated a new 218-door facility in Phoenix, Arizona, enhancing its operational capacity to meet the growing demand in the region. This addition brings the company's total door count to nearly 26,000. Scott Doleman, regional vice president, emphasized the importance of this expansion for addressing market growth. FedEx Freight aims to continue investing in capacity through strategic expansions and modernization projects for its network, ensuring improved service and delivery for customers.

FedEx Corporation (NYSE: FDX) has nominated retired Vice Admiral Nancy A. Norton and Stephen E. Gorman for election to its Board of Directors at the Annual Meeting on September 19, 2022. Norton has extensive experience in cybersecurity, having led critical initiatives for the Department of Defense. Gorman, a former CEO in the air medical sector, brings significant executive leadership experience. If elected, Norton will join the Cyber and Technology Oversight Committee, while Gorman will serve on the Governance and Cyber committees. Thirteen current board members are also up for reelection.

FedEx Corp. (NYSE: FDX) has unveiled its strategic roadmap during an investor meeting aimed at enhancing value for customers and shareholders. The company targets to increase adjusted consolidated operating income by $3.0–$4.5 billion by fiscal 2025 compared to fiscal 2022. Key projections include a 14–19% CAGR for adjusted EPS and 18–22% annualized total shareholder return (TSR). FedEx plans to maintain a capital expenditure to revenue ratio of 6.5% or lower, while continuing to focus on profitable growth and operational efficiency.