FedEx Corporation (FDX) will report its fourth quarter and full year, fiscal 2023 earnings after the market closes on Tuesday, June 20, 2023. (1)
Many on Wall Street watch FDX’s quarterly reports keenly as the delivery company is seen as a proxy for the overall health of the economy. The more packages the better. Analysts forecast earnings per share (EPS) of $4.89 versus $6.87 for the same period last year. Meanwhile, sales are expected to inch forward to $91.29 billion from $90.94 billion in fiscal 2022. (2)
FDX shares have been trading in a narrow range since mid-March, topping out at $235 and bottoming at $215. As of Wednesday’s close, FedEx traded at $229.67. Like much of the market, momentum has been to the upside since the debt ceiling deal, moving up from the bottom of the box.
Which way FDX shares head post-earnings will depend on management’s guidance for 2024. Better than expected news could move FDX to as much as $250, based on our technical analysis. On the other hand, a down outlook and the stock likely wipes out the recent run to the bottom of the range.
Trading earnings is highly risky and only for investors who can afford to lose money in short timeframes.
1 – https://investors.fedex.com/news-and-events/upcoming-events/default.aspx
2 – https://finance.yahoo.com/quote/FDX/analysis?p=FDX