A FedEx delivery driver unloads packages from his truck in Lower Manhattan, June 2, 2017 in New York City.
FedEx reported quarterly earnings and revenue that beat analysts’ expectations on Tuesday.
Here’s how the company did compared to what Wall Street expected:
- EPS: $4.25 vs. $3.88 expected, according to Thomson Reuters
- Revenue: $15.7 billion vs. $15.56 billion expected, according to Thomson Reuters
The stock initially gained about 2 percent in after-hours trade following the results. It was last seen trading about 1.4 percent higher.
The shipping giant reported sales that beat analyst expectations, according to StreetAccount, in most segments:
- Express: $7.18 billion vs. $7.07 billion expected
- TNT express: $1.91 billion vs. $1.83 billion expected
- Ground: $4.68 billion, vs.$4.68 billion expected
- Freight: $1.70 billion, vs. $1.66 billion expected
The company is considered an indicator of economic conditions in the United States.
Executives at the shipping giant have been meeting with President Donald Trump to discuss FedEx’s possible role in the White House infrastructure push, a source told CNBC’s Jim Cramer last week.
The company told CNBC in a statement: “While FedEx strongly supports the need for funding an updated and improved system, it is also essential that the cost accounting going forward reflect airline usage, which is a key indicator for system maintenance and growth.”
The stock has been on a tear, gaining more 12 percent so far this year, outperforming the Dow Jones Transportation Average, which gained about 3 percent over the same period.
FedEx shares hit a fresh all-time intraday high of $211.88 as recently as June 16.
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