Shares of FedEx rallied after hours on Wednesday after the package deliverer raised its full-year profit outlook.
Shares of FedEx Corp. rallied after hours on Wednesday after the package deliverer raised its full-year profit outlook, as efforts to cut billions in costs helped its bottom line despite continued weaker shipping demand that weighed on sales.
Chief Executive Raj Subramaniam, in statement, called out an “outstanding” performance in FedEx’s Ground business, which ships packages in the U.S. and Canada, and better profitability at its internationally-focused Express division, which offers fast air and ground deliveries. FedEx reports as it tries to scale back operations and cut billions in costs amid weaker demand, after inflation cut into consumer budgets. Those results also follow labor tensions over the summer at United Parcel Service Inc. UPS, -0.23% — which reached a contract deal with its Teamsters drivers and logistics workers in July — and the bankruptcy filing of the trucking company Yellow.
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