FedEx (FDX) Tops Q3 EPS by 16c; Boosts FY16 EPS Outlook Midpoint

FedEx (NYSE: FDX) reported Q3 EPS of $2.51, $0.16 better than the analyst estimate of $2.35. Revenue for the quarter came in at $12.7 billion versus the consensus estimate of $12.4 billion.

Adjusted operating income rose 19% year over year primarily due to improved yield management and the continued positive impacts from profit improvement program initiatives at FedEx Express. The net impact of fuel and currency exchange rates also improved results. These benefits were partially offset by weaker operating results at FedEx Freight and FedEx Ground.

GUIDANCE:

FedEx sees FY2016 EPS of $10.70 - $10.90, versus prior guidance of $10.40 - $1.90 and the consensus of $10.56.

The company also sees FY16 GDP growth up 2.2 percent, versus prior expectations of 2.6 percent growth. The company expects FY17 GDP growth of up 2.5 percent.

For earnings history and earnings-related data on FedEx (FDX) click here.

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