FedEx raises 2024 profit forecast on cost cuts
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FedEx has raised its profit forecast for fiscal year 2024, citing anticipated cost cuts to offset a decline in demand from its largest customer, the U.S. Postal Service. The company expects earnings per share to be in the range of $17.25 to $18.25, up from its previous forecast. FedEx's revenue for the quarter ended Feb. 29 was $21.7 billion, down from $22.2 billion last year. The company's Express overnight delivery unit has been facing challenges due to the USPS shifting packages to more economical ground services.
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