Undoubtedly a positive for shareholders, the company’s DRIVE program is expected to result in $1.8 billion of permanent cost reductions for FY24. prior views of flat to low-single-digit growth. The original revenue forecast saw a downward adjustment, with FDX now expecting flat year-over-year growth vs. The company provided somewhat mixed updated guidance for its fiscal 2024, expecting adjusted EPS in a band of $17.00 – $18.50 per share (previously $16.50 – $18.50 per share). In fact, the program is expected to deliver $4 billion in cost savings for its next fiscal year (FY25), with margins expected to expand nicely. Still, despite ongoing demand weakness, the company’s DRIVE program has allowed it to achieve meaningful cost-saving measures, explaining the sizable bottom line beat.
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