5 Stocks Making Big Moves After Earnings Reports

2. FedEx Corporation (NYSE:FDX)

Number of Hedge Fund Holders: 61

Shares of FedEx Corporation (NYSE:FDX) took a deep dive on Wednesday, 22 September 2021, after announcing disappointing results for its fiscal first quarter. The company blamed higher costs, constrained labor market, and network inefficiencies for the weak results.

FedEx Corporation (NYSE:FDX) reported adjusted earnings of $4.37 per share for the three months ended 31 August 2021, down from $4.87 per share in the comparable period of 2020. Revenue came in at $22 billion, up 14 percent from the year-ago quarter.

Analysts were expecting FedEx Corporation (NYSE:FDX) to report earnings of $4.88 per share on $21.93 billion in revenues.

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FedEx Corporation (NYSE:FDX) also updated profit outlook for its fiscal year 2022. The logistics company now expects adjusted earnings of $19.75 – $21 per share for the full year, below its previous forecast between $20.50 – $21.50 per share.

CEO Frederick Smith seemed satisfied with the results. He said in a statement:

“The execution of our strategies continues to drive higher demand for our services, despite the disruptive impact of the pandemic to labor availability and global supply chains.”