FedEx Non-GAAP EPS of $3.44 beats by $0.64, revenue of $23.2B misses by $580M

• FedEx press release (NYSE:FDX): FQ1 Non-GAAP EPS of $3.44 beats by $0.64.
• Revenue of $23.2B (+5.5% Y/Y) misses by $580M.
• FQ2 Outlook: Revenue of $23.5B to $24B vs. consensus of $23.78B; Earnings per diluted share of $2.65 or greater, and earnings per diluted share excluding costs related to business optimization initiatives and business realignment activities of $2.75 or greater vs. consensus of $2.80.
• Capital spending for fiscal year 2023 of $6.3B.
• Repurchase of $1.5B of FedEx common stock during fiscal 2023.
• The company expects to repurchase $1B common stock during the second quarter.
• In FY2023, the company expects to generate total cost savings of $2.2B to 2.7B.