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Here's What Key Metrics Tell Us About FedEx (FDX) Q1 Earnings
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FedEx (FDX - Free Report) reported $21.68 billion in revenue for the quarter ended August 2023, representing a year-over-year decline of 6.6%. EPS of $4.55 for the same period compares to $3.44 a year ago.
The reported revenue represents a surprise of -0.71% over the Zacks Consensus Estimate of $21.84 billion. With the consensus EPS estimate being $3.70, the EPS surprise was +22.97%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how FedEx performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average daily package volume - FedEx Express - Package - U.S. overnight box: 1227 thousand compared to the 1195.49 thousand average estimate based on four analysts.
Average daily package volume - FedEx Express - Package - International Domestic: 1742 thousand versus 1725.73 thousand estimated by four analysts on average.
Average daily freight pounds - FedEx Express - Freight - U.S: 5319 thousand compared to the 6122.51 thousand average estimate based on four analysts.
Average daily package volume - FedEx Express - Package - Total U.S Domestic Package: 2650 thousand versus the four-analyst average estimate of 2629.57 thousand.
Revenues- FedEx Express: $10.09 billion versus the seven-analyst average estimate of $10.24 billion. The reported number represents a year-over-year change of -9.4%.
Revenues- FedEx Ground: $8.42 billion versus the seven-analyst average estimate of $8.21 billion. The reported number represents a year-over-year change of +3.2%.
Revenues- FedEx Freight: $2.29 billion versus the seven-analyst average estimate of $2.38 billion. The reported number represents a year-over-year change of -15.9%.
Revenues- Other and Eliminations: $813 million versus the six-analyst average estimate of $1.05 billion. The reported number represents a year-over-year change of -30%.
Revenues- FedEx Services: $72 million versus $74.41 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +2.9% change.
Revenues- FedEx Express- Freight- U.S: $582 million compared to the $695.77 million average estimate based on five analysts. The reported number represents a change of -26.9% year over year.
Revenues- FedEx Express- Package- U.S. overnight envelope: $485 million compared to the $499.47 million average estimate based on five analysts. The reported number represents a change of -7.6% year over year.
Revenues- FedEx Express- Package- U.S. overnight box: $2.19 billion versus the five-analyst average estimate of $2.20 billion. The reported number represents a year-over-year change of -5.5%.
Shares of FedEx have returned -3.5% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Here's What Key Metrics Tell Us About FedEx (FDX) Q1 Earnings
FedEx (FDX - Free Report) reported $21.68 billion in revenue for the quarter ended August 2023, representing a year-over-year decline of 6.6%. EPS of $4.55 for the same period compares to $3.44 a year ago.
The reported revenue represents a surprise of -0.71% over the Zacks Consensus Estimate of $21.84 billion. With the consensus EPS estimate being $3.70, the EPS surprise was +22.97%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how FedEx performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Average daily package volume - FedEx Express - Package - U.S. overnight box: 1227 thousand compared to the 1195.49 thousand average estimate based on four analysts.
- Average daily package volume - FedEx Express - Package - International Domestic: 1742 thousand versus 1725.73 thousand estimated by four analysts on average.
- Average daily freight pounds - FedEx Express - Freight - U.S: 5319 thousand compared to the 6122.51 thousand average estimate based on four analysts.
- Average daily package volume - FedEx Express - Package - Total U.S Domestic Package: 2650 thousand versus the four-analyst average estimate of 2629.57 thousand.
- Revenues- FedEx Express: $10.09 billion versus the seven-analyst average estimate of $10.24 billion. The reported number represents a year-over-year change of -9.4%.
- Revenues- FedEx Ground: $8.42 billion versus the seven-analyst average estimate of $8.21 billion. The reported number represents a year-over-year change of +3.2%.
- Revenues- FedEx Freight: $2.29 billion versus the seven-analyst average estimate of $2.38 billion. The reported number represents a year-over-year change of -15.9%.
- Revenues- Other and Eliminations: $813 million versus the six-analyst average estimate of $1.05 billion. The reported number represents a year-over-year change of -30%.
- Revenues- FedEx Services: $72 million versus $74.41 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +2.9% change.
- Revenues- FedEx Express- Freight- U.S: $582 million compared to the $695.77 million average estimate based on five analysts. The reported number represents a change of -26.9% year over year.
- Revenues- FedEx Express- Package- U.S. overnight envelope: $485 million compared to the $499.47 million average estimate based on five analysts. The reported number represents a change of -7.6% year over year.
- Revenues- FedEx Express- Package- U.S. overnight box: $2.19 billion versus the five-analyst average estimate of $2.20 billion. The reported number represents a year-over-year change of -5.5%.
View all Key Company Metrics for FedEx here>>>Shares of FedEx have returned -3.5% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.