FedEx cost cuts boost quarterly profit above Wall Street target
LOS ANGELES, June 24 (Reuters) - FedEx (FDX.N), opens new tab reported better-than-expected quarterly profit, after cost cuts and improved export volumes pushed operating margins higher, and signaled caution ahead with a forecast for the current quarter that was short of analysts' target.
The Memphis-based package delivery firm's adjusted profit was $1.46 billion, or $6.07 per share, for the fiscal fourth quarter ended May 31. That was up from adjusted profit of $1.34 billion, or $5.41 per share, a year earlier.
Revenue was up just 0.5% to $22.2 billion.
Analysts, on average, expected earnings of $5.81 per share on revenue of $21.79 billion, according to data compiled by LSEG.
FedEx forecasts fiscal first quarter adjusted profit of $3.40 to $4 per share, below analysts' estimates of $4.06 per share, according to LSEG.
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