FedEx Raises Full-Year Earnings Forecast After Cost Cuts

FedEx Raises Full-Year Earnings Forecast After Cost Cuts
A Federal Express truck is shown in Los Angeles on Oct. 16, 2019. Mike Blake/Reuters
Reuters
Updated:

FedEx Corp on Thursday raised its fiscal 2023 profit forecast despite weak market conditions, citing progress on its plan to shave $3.7 billion in costs from its global delivery business.

The Memphis, Tennessee-based company also posted a higher-than-expected quarterly profit despite a drop in volume.