FedEx Corporation (FDX) shares soared 4.94% in after-hours on Thursday, December 16, 2021, and closed the trading at $250.30. However, in the regular trading session, FDX’s stock lost 0.94%. FDX shares have fallen 17.41% over the last 12 months, and they have moved down 2.74% in the past week. Over the past three months, the stock has lost 6.54%, while over the past six months, it has declined 16.40%.
Let’s discuss its recent news and developments
FDX latest news
On December 16, 2021, FedEx Corp. (FDX) reported financial results for the quarter that ended November 30.
Q2 2022 financial highlights
- FDX reported total revenue of $23.5 billion in Q2 2022 compared to $20.6 billion in Q2 2021.
- Total operating expenses were $21.87 billion compared to $19.09 billion in Q2 2021.
- It earned a net income of $1.04 billion in Q2 2022 compared to $1.3 billion in Q2 2021.
- Diluted earning per share was $3.88 in Q3 2021 compared to $4.83 in Q2 2021.
FY 2022 financial outlook
For FY 2022 FedEx is expecting
- Earnings per diluted share of $18.25 to $19.25.
- Capital spending of $7.2 billion.
FDX expansion on Miami Airport
On December 14, 2021, FedEx Express, a subsidiary of FedEx Corp. (FDX) recently completed a major expansion of its air cargo hub located at Miami International Airport. The expansion will increase capacity and capabilities at the company’s America’s gateway, which connects the U.S. and Canada to Latin America and the Caribbean.
FDX new appointment
On December 13, 2021, The Board of Directors of FedEx Corporation (FDX) elected Fred Perpall as a director. The Board also appointed Mr. Perpall as a member of its Audit and Nominating & Governance Committees.
FDX completed strategic alliance transaction in India
On December 9, 2021, FedEx Express, a subsidiary of FedEx Corp. (FDX) announced the strategic alliance transaction signed in July has taken effect, following satisfaction of closing conditions including regulatory approval from the Competition Commission of India.
On November 19, 2021, The Board of Directors of FedEx Corp. (FDX) declared a quarterly cash dividend of $0.75 per share on FedEx Corp. common stock. The dividend is payable December 27, 2021, to stockholders of record at the close of business on December 13, 2021.
FDX collaboration with Aurora and PACCAR
On September 22, 2021, FedEx Corp announced its collaboration with Aurora and PACCAR to test Aurora’s autonomous driving technology in PACCAR state-of-the-art Autonomous Vehicle Platform (AVP) equipped trucks within FedEx linehaul trucking operations. The three industry leaders will work together to accelerate the development and scale deployment of autonomous driving technology in a safe and thoughtful way.
The recent financial results beat the earnings estimates due to which its stock went up in the after-hours on Thursday and it can continue to climb up in the coming trading session.