FedEx Up 10% In Pre-market On Share Buyback, Increased Quarterly Profit Above Estimates

(RTTNews) - Shares of FedEx Corporation (FDX) are rising more than 10 percent in pre-market on Thursday at $293.00, after reporting upbeat third-quarter profit that surpassed analysts' view. The company's Board also announced a new share repurchase program of $5 billion.

Net income for the third quarter increased to $879 million or $3.51 per share from $771 million or $3.05 per share in the same quarter a year ago.

Excluding one-time items, earnings were $966 million or $3.86 per share, that beat the average estimate ofanalysts polled by Thomson-Reuters of $3.45 per share.

Revenue for the quarter declined to $21.7 billion from $22.2 billion in the previous year.

For fiscal 2024, the company updated its adjusted EPS outlook to $17.25 to $18.25 from $17.00 to $18.50 last year. The consensus estimate stands at $17.4.

FedEx shares had closed at $264.85, up 1.87percent. It has traded in the range of $213.81 - $285.53 in the last 1 year.