FedEx Corporation shared on Thursday that its diluted earnings per share went up by 15% to $3.51 in the third quarter of its fiscal 2024 compared to the corresponding quarter a year before. The Tennessee-based transportation giant booked $21.7 billion in revenue, which is 2.3% lower than last year. The figure missed analysts' forecasts. Its operating income surged by 19% to $1.24 billion, while its net income grew by 14% to $879 million in the reported quarter.
"FedEx delivered another quarter of improved profitability in what remains a difficult demand environment, reflecting service and continued benefits from DRIVE," Chief Executive Officer Raj Subramaniam said. The company disclosed that it expects to repurchase $500 million of common stock during the fiscal fourth quarter, bringing the total fiscal 2024 buyback to $2.5 billion.
The company's stock jumped 8.36% to $287.00 apiece in the extended trading following the announcement.