FedEx beats earnings estimates, forecasts $1 billion cost savings in the next fiscal year
1. FedEx achieved $4 billion cost-cutting goal and targets $1 billion next year. 2. Quarterly earnings of $6.07 per share exceeded expectations but revenue guidance fell short. 3. U.S. daily package volume increased by 6%, with ground home delivery up 10%. 4. Stock fell 5% post-earnings release, reflecting current-quarter profit guidance concerns. 5. FedEx's founder, Fred Smith, passed away, marking a leadership change.