The World’s second largest courier company, FedEx Corporation (NYSE: FDX), released its latest financial results for second quarter of fiscal year 2024 after the market closed in the US on Tuesday.

The US company fell short of estimates for both revenue and earnings per share (EPS) for the quarter.

Revenue reached $22.2 billion vs. $22.356 billion expected. Revenue was down by 2.6% vs. the same period a year prior.

EPS reported at $3.99 per share (up by 25.47% year-over-year) vs. $4.194 per share estimate.

Company overview

• Founded: May 5, 1971
• Headquarters: Memphis, Tennessee, United States
• Number of employees: 520,000 (2023)
• Industry: E-commerce, services, transportation
• Key people: Frederick W. Smith (Executive Chairman), Raj Subramaniam (President and CEO)

CEO commentary

‘FedEx has delivered an unprecedented two consecutive quarters of operating income growth and margin expansion even with lower revenue, clear evidence of the progress we are making on our transformation as we navigate an uncertain demand environment,” Raj Subramaniam, CEO of FedEx, said in a press release.

‘We are moving with speed to make our network more efficient while delivering outstanding service to our customers through the peak season with the fastest Ground network in the industry. I am confident in our strategy as we make our global network more flexible, efficient, and intelligent,’ Subramaniam concluded.

Stock reaction

Shares were down by 0.68% at the end of trading on Tuesday at $280 a share.

The stock price plummeted by around 7% in the after-hours trading as results were announced.

Stock performance

• 1 month: +9.43%
• 3 months: +12%
• Year-to-date: +61.66%
• 1 year: +70.37%

FedEx stock price targets

• TD Cowen: $293
• Stifel Nicolaus: $285
• Susquehanna: $315
• HSBC: $330
• Loop Capital: $275
• BMO Capital Markets: $290
• Deutsche Bank: $295
• Citigroup: $300
• Wells Fargo: $280
• Bank of America: $330
• UBS Group: $323
• Morgan Stanley: $205

FedEx Corporation is the 231st largest company in the world with a market cap of $70.39 billion.

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Sources: FedEx Corporation, TradingView, MarketWatch, Benzinga, CompaniesMarketCap