FedEx shares pop on hefty profit beat, UPS customer wins

FedEx shares jumped 5.7% to US$264.60 in extended trading after the company said it now expects adjusted fiscal 2024 earnings of US$17 to US$18.50 per share, increasing the low end of the range by 50 US cents from its prior forecast. — Reuters

LOS ANGELES: FedEx raised the lower end of its full-year profit forecast after a cost-cutting quarter when it poached customers from rivals UPS and Yellow.

FedEx shares jumped 5.7% to US$264.60 in extended trading after the Memphis-based company said it now expects adjusted fiscal 2024 earnings of US$17 to US$18.50 per share, increasing the low end of the range by 50 US cents from its prior forecast.