FedEx beats expectations, raises outlook in first report since calendar adjustment

FedEx announced quarterly results that exceeded analyst expectations on both revenue and earnings metrics in extended trading on Wednesday. The company reported net income of $290 million, or $1.21 per share, compared to $650 million, or $2.73 per share during the equivalent quarter a year earlier. On an adjusted basis excluding one-time items such as investment losses, debt extinguishment gains, and restructuring expenses, the company posted adjusted earnings per share of $3.74.
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