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Fedex earns more than expected – billion dollar share buyback

Thursday, 12/16/2021 10:55 PM from

dpa-AFX

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A FedEex truck delivering packages. © fotograv / iStock Editorial / Getty Images Plus / Getty Images

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MEMPHIS (dpa-AFX) – The Deutsche Post rival Fedex (FedEx Aktie) wants to please the shareholders after an unexpectedly good course in the second quarter of the business (end of November) with a multi-billion dollar share buyback. The committees had released a new buyback program worth 5 billion US dollars, the logistics group in Memphis said on Thursday. In the second fiscal quarter, adjusted for special items, earnings per share were just as high as a year ago at 4.83 US dollars – but analysts had expected a significant decline. The share rose in after-hours US trading by 7 percent.

Including special effects, however, profit shrank by 15 percent to 1.04 billion US dollars (922 million euros), although sales increased by around 14 percent compared to the same quarter of the previous year. Pension plans had to be reassessed, which weighed on the bottom line – in addition, a tax effect had favored the figures in the same quarter of the previous year.

In day-to-day business, however, the group benefited from more favorable margins and volume growth, which more than made up for the problem of labor shortages. Adjusted for several special factors, Fedex also slightly increased the outlook for adjusted earnings per share in the financial year – after previously 19.75 to 21.00 dollars (dollar rate) per paper, management is now going from 20.50 to 21.50 US dollars. Dollars from./men/la

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