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FedEx reports higher Q2 earnings, raises 2018 forecast

FedEx Corp. reported EPS of $2.84 for the second quarter of fiscal year 2018 ended Nov. 30, up from $2.59 a year ago, as net income rose to $775 million from $700 million.

The company's adjusted net income for the period increased to $866 million, or $3.18 per share, from $750 million, or $2.77 per share.

FedEx said its latest earnings reflect the estimated negative effects of the June 27 cyberattack on its TNT Express business.

The delivery services giant's reported revenue rose to $16.3 billion in the second quarter from $14.9 billion from a year earlier. Revenue from its express segment went up to $9.35 billion from $8.64 billion year over year. The ground segment's revenue increased 12% to $4.93 billion, while the freight segment's revenue climbed 10% to $1.76 billion.

FedEx CFO and executive vice president Alan Graf Jr. said the company expects to see improved results in the second half of its fiscal year.

For full fiscal 2018, FedEx is now projecting earnings to be $11.45 per share to $12.05 per share before year-end mark-to-market, or MTM, pension accounting adjustments. With adjustments, EPS is forecast to be $12.70 to $13.30.

The projected full-year EPS could increase by an estimated $4.40 to $5.50 before year-end MTM pension accounting adjustments if the U.S. government enacts its tax reform plans, the company said.

"We are increasing our fiscal 2018 forecast, due to enhanced revenue quality, solid demand trends and our success in restoring business impacted by this summer's cyberattack," Graf said.

In September, FedEx reported net income of $596 million, or $2.19 per share, for the first quarter ended Aug. 31, down from $715 million, or $2.65 per share, from the same quarter a year ago.