FedEx returns to original profit target ahead of holiday peak

U.S. delivery firm FedEx Corp reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits ahead of the peak holiday season when the number of packages it handles often doubles.

FedEx now expects full-year earnings, excluding items, of $20.50 to $21.50, as it had first forecast. In September, FedEx lowered its per-share forecast range to $19.75 to $21.00 per share.

Memphis, Tennessee-based FedEx reported adjusted net income of $1.3 billion, or $4.83 per share, for the fiscal second quarter ended Nov. 30, unchanged from the year-earlier period. Revenue increased 14% to $23.5 billion, fueled by continued demand for e-commerce home deliveries.