5 Stocks Making Noise After Releasing Their Financial Results

1. FedEx Corporation (NYSE:FDX)

Number of Hedge Fund Holders: 64

Shares of FedEx Corporation (NYSE:FDX) fell more than four percent in the mid-day trading session on Friday, March 18, 2022, after announcing lower-than-expected profit for its fiscal third quarter.

The Tennessee-based express delivery giant blamed the negative impact of the Omicron variant and higher costs for affecting its results. FedEx Corporation (NYSE:FDX) reported adjusted earnings of $4.59 per share, up from $3.47 per share in the year-ago period.

However, analysts were expecting FedEx Corporation (NYSE:FDX) to earn $4.65 per share. On the bright side, revenue for the quarter increased to $23.6 billion, from $21.5 billion last year and surpassed expectations of $23.4 billion.

Speaking on the results, CFO Michael Lenz said:

“Our strong quarterly operating income increase was dampened by the surge of the Omicron variant which caused disruptions to our networks and diminished customer demand in January and into February. We remain focused on revenue quality and operational efficiency initiatives to mitigate inflationary pressures and drive earnings improvement.”

You can also take a peek at Bill Gates’ Latest Portfolio: Top 12 Stock Picks and 10 Undervalued Dividend Kings To Buy In 2022.

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