FedEx rallies on Express business improvement
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 22 March 2024
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Friday, March 22nd. I'm Julie Morgan. FedEx delivers a strong quarter for its |
| 0:15.1 | Express unit. Winnebago says the future looks bright in the RV industry and |
| 0:20.4 | DWAC shareholders will vote on a deal to take Trump media and technology public. |
| 0:27.0 | FedEx is aiming higher pre-market. |
| 0:30.0 | This is happening after the company reported cost savings in the Express business and improved fiscal Q3 margins. |
| 0:37.2 | With the street focused on the performance of the FedEx Express segment after a disappointing fiscal Q2. |
| 0:43.2 | Investors took a sigh of relief when the Express segment |
| 0:46.4 | reported an operating margin of 2.5%. |
| 0:50.3 | That's 150 basis points better than what the street expected and 80 basis points better than the prior quarter. |
| 0:57.6 | For Q3, the company-wide adjusted operating margin improved to 6.2% from 5.3% in the same quarter last year. |
| 1:06.8 | And despite lower revenue, the company attributed the improvement in income and margins |
| 1:12.1 | due to the execution of its drive program and continued |
| 1:15.5 | focus on revenue quality. FedEx also reduced his capital spending forecast to |
| 1:20.8 | 5.4 billion from 5.7 billion dollars with a priority on improving efficiency. |
| 1:27.0 | In addition FedEx said it will increase its share repurchase in Q4 by $500 million and authorized a new $5 billion share repurchase program. |
| 1:37.0 | Pre-market FDX is up more than 12%. |
| 1:41.0 | Whenabago says it sees better times ahead after the company reported mixed results for |
| 1:46.8 | Q4 which included an 18.8% drop in sales and 43.7% decline in adjusted Eibara. in all saw sales fall in the current quarter from a year ago with the Marine |
| 2:04.1 | division suffering the most significant decline of 38.2 percent. |
| 2:08.6 | Recognizing the challenges faced by the RV industry stemming from higher interest rates and |
| 2:14.4 | consumers apprehension to spend on big ticket items. The company remained |
... |
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