9/21/2021, 10:06 PM (Source: TeleTrader)
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Chart for: FedEx Corp

FedEx Q1 2022 revenue beats estimates at $22B

FedEx transport company published its financial results for the first fiscal quarter of 2022 on Tuesday beating analyst expectations with a revenue of $22 billion, 13.9% higher than in the comparable period of last year.

The company's operating income decreased by 11.9% year-on-year to land at $1.4 billion, while the diluted earnings per share dropped by 13.3% to reach $4.09 per share. The financial report revealed that the constrained labor market cost FedEx an estimated $450 million, which negatively reflected on the operating results.

"While we expect these conditions to continue near-term, we expect a gradual improvement in labor availability combined with our proactive revenue management actions to mitigate the ongoing impact of these headwinds on our results and position us for earnings growth in fiscal 2022," said Frederick Smith, the CEO of FedEx.

FedEx stocks dropped in the after-hours trading by 4.03% to sell for $242.20 per share at 4:20 pm ET.

Baha Breaking the News (BBN) / LH