Shares of FedEx (NASDAQ:FDX) gained over 8% in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $3.41, which beat analysts’ consensus estimate of $2.72 per share.
Sales decreased by 5.9% year-over-year, with revenue hitting $22.2 billion. This missed analysts’ expectations of $22.74 billion.
Looking forward, management now expects EPS for full-year 2023 is expected to be in the range of $14.60 to $15.20. For reference, consensus figures expected $16.92 per share before retirement plan accounting adjustments, and estimated costs connected to business optimization.
Overall, Wall Street has a consensus price target of $220.18 on FedEx, implying 7.9% upside potential, as indicated by the graphic above.