FedEx Beats on Revenue, Misses on EPS
FedEx (NYSE:FDX), the global shipping and logistics company, released its earnings report for the third quarter of its fiscal 2025 on March 20. The company reported a slight miss on adjusted earnings per share (EPS), posting $4.51 against an expected $4.56. However, it achieved commendable year-over-year growth of 16.8% from $3.86 in the prior-year period. Revenue of $22.2 billion beat the consensus expectation of $21.9 billion, and was up by a modest 2.3% from $21.7 billion in the same period last year. Overall, the quarter's results reflected FedEx's resilience amid macroeconomic pressures, although management did revise its earnings expectations for the full year in light of ongoing challenges.
Metric Fiscal Q3 2025 Fiscal Q3 2025 Analysts' Estimate Fiscal Q3 2024 % Change
EPS (adjusted) $4.51 $4.56 $3.86 16.8%
Revenue $22.2 billion $21.9 billion $21.7 billion 1.9%
Operating income (adjusted) $1.51 billion N/A $1.36 billion 11.0%
Operating margin (adjusted) 6.8% N/A 6.2% 60 basis points
Source: Analysts' estimates for the quarter provided by FactSet.
Company Overview and Strategy
FedEx, an integral player in the global logistics industry, operates across various business segments, including Federal Express, FedEx Ground, and FedEx Freight. Known for its reliable delivery services, it faces constant competitive pressure from rivals like UPS and DHL. Its strategic approach focuses heavily on integration within its segments to boost operational efficiency. This is carried out through programs like "One FedEx," designed to unify operations and streamline processes.
Recent strategic initiatives have emphasized the importance of technology in FedEx's operations, with investments aimed at enhancing productivity and customer satisfaction. The introduction of FedEx Dataworks, a data-driven solution platform, underscores its commitment to digital transformation. Tackling e-commerce-driven growth and adapting to its demands also remains a priority.
Quarter Overview: Performance and Initiatives
In the fiscal quarter, which ended Feb. 28, FedEx witnessed a mix of positive developments and ongoing challenges. The Federal Express segment delivered a strong revenue performance. The 6% increase in U.S. domestic package revenue -- driven by an uptick in average daily package volume -- was noteworthy. However, the FedEx Freight segment experienced a 5% decline in year-over-year revenue, a reflection of decreased shipment numbers and lighter average weights per shipment. Operating income for this segment fell by 23%.
Pivotal strategies such as the DRIVE initiative, aimed at cost reductions and operational improvements, continued to pay off. The CEO highlighted improved profitability despite the challenging environment. Additionally, the December announcement of the planned spin-off of FedEx Freight signaled a move toward operational simplification and targeted value creation. The company's investments in technology and digital transformations were reflected in developments in FedEx Dataworks, which is intended to refine efficiency and customer engagement.
However, competitive pressures from the likes of Amazon 's internal logistics unit are affecting pricing and service dynamics. Macroeconomic factors, notably the U.S. industrial sector's softness, led to shifts in service demand.
Notably, FedEx returned value to shareholders through $500 million in share repurchases during the quarter. Its financial position remains solid, with cash reserves reported at $5.1 billion as of Feb. 28.
Looking Ahead: Future Expectations
Management provided a cautious outlook for the remainder of its fiscal 2025, adjusting its full-year guidance downwards. Revenue is now expected to be in the range of flat to down slightly compared to the previous guidance for flat revenue. The EPS guidance was lowered to a range of $15.15 to $15.75 from the earlier $16.45 to $17.45. This conservative stance reflects persistent macro uncertainties.
Investors should closely watch FedEx's further integration efforts and its DRIVE program, which is aimed at achieving $2.2 billion in cost savings. Capital investments (with an emphasis on network optimization and automation) are expected to be $4.9 billion, down from a previously planned $5.2 billion. As FedEx navigates competitive and macroeconomic challenges, key areas to watch in the upcoming quarters will include its operational efficiency efforts and the potential impacts of economic conditions.
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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. JesterAI is a Foolish AI, based on a variety of Large Language Models (LLMs) and proprietary Motley Fool systems. All articles published by JesterAI are reviewed by our editorial team, and The Motley Fool takes ultimate responsibility for the content of this article. JesterAI cannot own stocks and so it has no positions in any stocks mentioned. The Motley Fool has positions in and recommends Amazon and FedEx. The Motley Fool has a disclosure policy.
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SW-25-688: 56 metres grading 2.03 g/t gold, 2.55 g/t silver and 0.23% copper from 174 metres, including 34 metres grading 2.74 g/t gold, 3.38 g/t silver, and 0.29% copper; SW-25-679: 51 metres grading 1.13 g/t gold and 0.81 g/t silver from 9 metres; SW-25-712: 73 metres grading 0.68 g/t gold, 0.80 g/t silver and 0.14% copper from 189 metres, including 19 metres grading 1.34 g/t gold, 0.76 g/t silver, and 0.29% copper; and SW-25-681: 36 metres grading 1.40 g/t gold, 1.58 g/t silver, and 0.22% copper, including 23 metres grading 1.93 g/t gold, 1.85 g/t silver, and 0.29% copper. For more information and complete drill results, visit Troilus's website at and refer to the press releases dated April 29 and May 22, 2025. Sandstorm holds a 1.0% NSR royalty on the Troilus project. Note 1. Stream terms reflect bought down rates applicable to HNE and Heruga deposits, assuming the Mongolian Government acquires a 34% interest in Entrée's share of the joint venture, at which time Sandstorm will receive up to $6.8 million in total consideration. Qualified Person Imola Götz ( F.E.C.), Sandstorm's Vice President, Mining & Engineering is a Qualified Person as defined by Canadian National Instrument 43-101. Ms. Götz has reviewed and approved the scientific and technical information in this news release. Contact Information For more information about Sandstorm Gold Royalties, please visit our website at or email us at [email protected]. ABOUT SANDSTORM GOLD ROYALTIES Sandstorm is a precious metals-focused royalty company that provides upfront financing to mining companies and receives the right to a percentage of production from a mine, for the life of the mine. Sandstorm holds a portfolio of approximately 230 royalties, of which 40 of the underlying mines are producing. Sandstorm plans to grow and diversify its low-cost production profile through the acquisition of additional gold royalties. For more information visit: CAUTIONARY STATEMENTS TO U.S. SECURITYHOLDERS The financial information included or incorporated by reference in this press release or the documents referenced herein has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which differs from US generally accepted accounting principles ("US GAAP") in certain material respects, and thus are not directly comparable to financial statements prepared in accordance with US GAAP. This press release and the documents incorporated by reference herein, as applicable, have been prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current standards of the United States securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources,", "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced herein and the documents incorporated by reference herein, as applicable, are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). For United States reporting purposes, the United States Securities and Exchange Commission (the "SEC") has adopted amendments to its disclosure rules (the "SEC Modernization Rules") to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act, which became effective February 25, 2019. The SEC Modernization Rules more closely align the SEC's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7. Issuers were required to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2021. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system, the Corporation is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information contained or incorporated by reference herein may not be comparable to similar information disclosed by United States companies subject to the United States federal securities laws and the rules and regulations thereunder. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding CIM Definition Standards that are required under NI 43-101. While the SEC will now recognize "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", U.S. investors should not assume that all or any part of the mineralization in these categories will be converted into a higher category of mineral resources or into mineral reserves without further work and analysis. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that all or any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable without further work and analysis. Further, "inferred mineral resources" have a greater amount of uncertainty and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of inferred mineral resources will be upgraded to a higher category without further work and analysis. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms are "substantially similar" to CIM Definitions, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules or under the prior standards of SEC Industry Guide 7. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This press release contains "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Sandstorm Gold Royalties. Forward-looking statements include the future price of gold, silver, copper, iron ore and other metals, the estimation of mineral reserves and resources, realization of mineral reserve estimates, and the timing and amount of estimated future production. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", or similar terminology. Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm Gold Royalties to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm Gold Royalties will operate in the future, including the receipt of all required approvals, the price of gold and copper and anticipated costs. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will purchase gold, other commodities or receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the section entitled "Risks to Sandstorm" in the Company's annual report for the financial year ended December 31, 2024 and the section entitled "Risk Factors" contained in the Company's annual information form dated March 31, 2025 available at Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws. SOURCE Sandstorm Gold Ltd.
CTV News
7 hours ago
- CTV News
U.S. importers turn to brokers to navigate Trump-era tariffs, at a cost
A truck drives by shipping containers at the port of the port of New York & New Jersey in Elizabeth, N.J., Monday May 12, 2025. (AP Photo/Matt Rourke) NEW YORK — U.S. importers are increasingly relying on customs brokers to keep up with President Donald Trump's ever-changing trade policies. But booming demand for help in processing foreign goods has made these services more expensive, adding another cost to the tariff burden, industry players told Reuters. Customs brokerages, until recently an anonymous branch of the import ecosystem, handle the paperwork needed to process shipments and calculate tariff bills. Mom-and-pop brokers interviewed by Reuters say they are raising fees, while major logistics firms like Memphis, Tennessee-based FedEx FDX.N and Germany-based DHL are also adding staff to their customs compliance teams. Market research firms ballpark customs brokering as a roughly $5 billion industry in the United States. Hiring a broker is optional, but the increasing complexities of U.S. tariffs and customs regulations are leading more importers to shell out the cash. Independent brokers like Laredo, Texas-based JD Gonzalez are fielding dozens of questions daily from concerned clients struggling to understand what they may owe to U.S. Customs and Border Protection, and whether to go ahead with shipments or hold off. Brokers are also spending more time and labor on customs forms than ever, and have in some cases implemented new IT systems. 'With all the new information we have to process, some of the automation we've used has been thrown out, so there's more work to do,' said JD Gonzalez, who is also president of custom brokerage trade group NCBFAA. The trend is part of a broader wave of corporate efforts to bolster trade compliance operations. Major companies, from Nike Lowe's LOW.N, had published job postings as of Wednesday for trade and customs professionals. Nike was seeking a 'lead' for trade and customs, who would 'play a pivotal role in shaping the future of our trade compliance framework,' according to the post on Nike's careers website. Amazon, meanwhile, had at least 10 U.S. customs brokerage jobs listed on its careers website. Lowe's had three. Nike, Amazon and Lowe's did not respond to requests for comment. HIGHER FEES Independent brokers often base their fees on the number of codes they must enter to classify the contents of a given shipment. Known as harmonized tariff schedule codes, these line items help border officials distinguish car parts from children's toys, and determine proper tariff rates. Prior to Trump's frenetic tariff policies, fees ranged from around $4 to $7 per code. But Gonzalez said the extra costs brokers have incurred as they ramp up systems to handle the tariff changes have led some to increase fees by $1 to $5 per code. Gonzalez said he has raised fees 'nominally,' while Steve Bozicevic, CEO of A&A Customs Brokers headquartered in Seattle and Vancouver, said his company added $3 per product type being imported into the U.S. because of merchandise facing 'tariff stacking,' a phrase used when an item faces multiple tariffs. 'We raised the rates for the U.S. because of the new and added complexity,' Bozicevic said. The company has not raised rates for imports into Canada because there's 'no new complexity,' he said. United Parcel Service UPS.N raised brokerage rates in December between $3.75 and $50 per import entry, depending on the country of origin. The move was part of general rate increases and unrelated to changes in tariffs, a UPS spokesperson told Reuters. FedEx's logistics arm increased its base customs brokerage rates by 4 per cent in January, according to a company spokesperson. These bigger logistics companies, which include brokerage services in their broader shipping offerings, are also beefing up staff. DHL has upped headcount on its U.S. customs entry team by 30 per cent since February, according to a spokesperson for the company's DHL Express shipping unit. FedEx had more than 40 open job postings on its customs and trade teams as of Tuesday, mainly based in the U.S., according to its LinkedIn jobs page. UPS had 10 similar U.S. positions open, according to its jobs website. FedEx is 'adjusting our network to meet demand' in an evolving tariff landscape, which 'includes hiring additional customs brokerage roles,' the spokesperson said. UPS declined to comment on the job postings. Historically, tariff changes have been less frequent, say brokers, trade lawyers and other trade professionals, and they have come with weeks of lead time, allowing brokers to prepare for the change and provide logistical feedback to CBP. Compare that to last week's doubling of steel and aluminum tariffs to 50 per cent, which Trump announced abruptly, forcing the U.S. customs department to quickly publish official guidance just hours ahead of a midnight change. 'Many brokers clear shipments ahead of time, so then you have to come back and retroactively redo it and fix it,' said Miami-based customs broker Ralph De La Rosa, whose company, Imperial Freight Brokers, was founded by his father 54 years ago. Even brokers who have not raised fees said their services have become inherently more expensive as the number of HTS codes has spiked. Importers slowed shipments into the United States after Trump's massive tariff announcement on April 2, after having frontloaded purchases earlier in the year to get ahead of an expected rise in duties. Imports of consumer goods, which include cell phones and other household items, decreased $68.9 billion to $277.9 billion in April from a month before, according to the U.S. Bureau of Economic Analysis. Trump announced additional tariffs on steel and aluminum in June and in May threatened to impose 50 per cent tariffs on the European Union. Adding to the uncertainty, a federal appellate court on Tuesday ruled that sweeping tariffs may remain in effect while appeals proceed, after a trade court ruled that the U.S. president overstepped his executive powers and blocked the duties. The appellate scheduled arguments for July 31. (Reporting by Arriana McLymore and Nicholas Brown in New York, Editing by Lisa Jucca, David Gaffen and Andrea Ricci)
