FedEx (FDX) shares♍ jumped after the delivery giant repor🧸ted better-than-expected profit as it cut costs and benefited from issues with key rivals, and boosted its guidance.

The big package delivery firm posted fiscal 2024 first quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $4.55, a 32% gain from 2022 and above forecasts. 澳洲幸运5官方开奖结果体彩网:Operating margin was🐠 7.3%, also beating estimates. Revenue rose 16.8% to $21.7 billion, in line with expectations.

FedEx noted that its ground unit picked up 400,000 more packages per day as customers concerned about a possible August 1 strike by UPS (UPS) drivers switched carriers. FedEx also gained customers with last month’s 澳洲幸运5官方开奖结果体彩网:bankruptcy by Yellow. 

CEO Raj Subramaniam said the strong results were the result of the increase for FedEx 𒆙Ground, higher profits at FedEx Express, and “expense controls across the organization.”

The company suggested FedEx could hold onto the customers it added from rivals, despite 🀅softening demand contribut🐻ing to struggles over market share.

FedEx now anticipates full-year EPS in a range of $17.00 to $18.50, up from its previous out🦄look ඣof $16.50 to $18.50. However, it projects revenue to be flat, compared to its earlier prediction of flat to low-single-digit percentage growth.

Shares of FedEx were up 3.6% in early trading as of 11:45 a.m. ET on Thursday and over 50% higher year-to-date.